(Reuters) – U.S. indexes fell sharply, weighed down by growth stocks after Meta Platforms’ dismal quarterly results, while signs of persistent inflation dampened hopes of an interest rate cut by the Federal Reserve in a short time.
At around 4.10pm, the Average was down 658.62 points, or 1.71%, at 37,802.30, marking it -74.52 points, or -1.47%, at 4,997.11, and the is down 283.60 points, or 1.80%, at 15,429.15.
Meta fell 14.1% after the parent company of Facebook (NASDAQ:) forecast higher expenses and lower-than-expected revenue.
Social media companies Snap (NYSE:) and Pinterest (NYSE:) lost 4.4% and 4.5%, respectively.
Alphabet (NASDAQ:), Amazon.com (NASDAQ:) and Microsoft (NASDAQ:) are also down between 3.6% and 4.5%.
International Business Machines (NYSE:) fell 9.3% after the company said it will buy Hashicorp in a deal valued at $6.4 billion, and after first-quarter revenue missed estimates.
Southwest Airlines fell 10.3% after cutting Boeing’s (NYSE:) 2024 forecast for new plane deliveries for the third time, saying it sought cost-cutting to ease the backlash.
Caterpillar fell 8.3% on company expectations of a drop in second-quarter sales due to reduced demand for construction equipment after last year’s boom.
(Translated by Camilla Borri, editing by Francesca Piscioneri)
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