Dow Inc.’s stock shed early gains to trade down 6% Thursday, after the material-sciences company latest earnings miss and news it’s cutting 1,500 jobs as part of a cost-reduction program aiming to save $1 billion in savings.

By Tanay Dhumal (Reuters) -Dow said on Thursday it will lay off 1,500 employees as part of its $1 billion cost savings plan due to lackluster demand and margin pressures, causing its shares to drop 6.

Investors react to the Federal Reserve's policy decision and Chairman Jerome Powell's press conference, as well as results from Meta, Microsoft and Tesla.

IBM projected constant currency revenue to grow 5% in the full year, above estimates for 4.81% growth. Meanwhile, the company forecasted free cash flow of $13.5 billion for the full year, above the $12.92 billion Wall Street had expected. IBM also said its generative AI book business now stands at more than $5 billion.