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.

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 6.3% in morning trade.

Michigan-based company Dow Inc. announced Thursday that it would lay off 1,500 employees as part of a $1 billion cost-cutting initiative, citing sluggish demand and margin pressures. The announcement sent Dow’s shares tumbling 6.

The Dow and S&P 500 are near all-time highs early Friday as Apple stock flashes a buy signal. Deckers and Atlassian diverged on earnings.