The Dow Jones Industrial Average retreated in early trading Thursday after 3M’s (MMM) earnings disappointment, while the Standard & Poor’s 500 and the Nasdaq Composite initially took mixed directions before both measures turned red.
The blue-chip gauge posted a decrease of more than 200 points after 3M reported first-quarter results that came in below analysts’ expectations and the company cut guidance for the full year. The shares sank 10% in the Dow’s sharpest decline and dented industrials, with Caterpillar (CAT) shedding 1.8% while Dow (DOW) was off by 1.5%.
Microsoft (MSFT) took an upbeat tone, rising 4% after saying late Wednesday that results came in better than analysts expected, including a revenue jump of 14%.
That helped support the Nasdaq, which wobbled between gains and losses alongside a gain of 5.9% in Facebook (FB) after its earnings came in better than Wall Street expected. But Xilinx (XLNX) plunged 16% to turn the tech-heavy measure negative after the chipmaker’s fiscal fourth-quarter earnings missed projections.
Just-released report names Cannabis Stock of the Year for 2019! Their last pick has seen a +1,200% return since he released it!
This stock has all of the makings of the next great cannabis stock – early-mover advantage, international exposure and influential partnerships, plus it has a product that is unlike anything else on the market…
The S&P’s communication services group jumped 1.5% in the best advance among the 11 sectors, while information technology rose 0.5%. Industrials sank 1.8% in the sharpest decline as the overall measure held in the red. Materials were off by 1% and consumer staples shed 0.8%.
Also in company news, Nokia (NOK) shed 9.7% after missing estimates in its first quarter, while Universal Forest Products (UFPI) climbed 11% reported better-than-expected results and boosting its dividend.
The day’s economic data had weekly jobless claims coming in at 230,000, more than the Street’s expectation for 209,000 claims. Durable goods orders rose 2.7% in March against the 0.7% consensus.
In morning trading, the Dow fell 0.9%, the S&P 500 shed 0.4% and the Nasdaq slipped 0.2%.
Globally, the Shanghai Composite fell 2.4%, the Hang Seng lost 0.9%, the Nikkei 225 rose 0.5% and the FTSE 100 fell 0.7%.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.