Stock investors sold off shares after the U.S. economy posted subpar growth in the first quarter.
The Dow Jones Industrial Average fell by triple digits, with the S&P 500 and tech-heavy Nasdaq Composite also seeing sharp pullbacks.
IBM, Caterpillar and Microsoft paced the Dow's steep drop, while Merck, United Health and Walmart rose. Google parent Alphabet and Intel will also report results later today.
Mark Zuckerberg's Meta sank more than 14% after weaker-than-expected revenue coupled with rising spending on AI.
Gross domestic product for 2024 rose by 1.6%, falling short of the 2.4% expected by economists.
Gains in consumer spending were muted by "decreases in motor vehicles and parts
as well as gasoline and other energy goods."