Wall Street ended the Thursday session mixed as the Dow lagged behind the other major indices.
The blue chips made headway in the afternoon, but couldn’t recover after the index dropped more than 200 points on news that 3M was cutting its 2019 guidance. The industrials manufacturer dropped nearly 13% – it's biggest single-day loss since the imfamous "Black Monday" crash of 1987.
Otherwise, US markets finished in the green on another busy day of earnings season. So far, more than 170 S&P 500 companies have reported first quarter earnings, with 78% beating expectations, according to data from Refinitiv.
Traders had to wait until after the close for one of the most significant reports of earnings season: Amazon.com Inc (NASDAQ:AMZN), which beat expectations on earnings and revenue.
The Dow tumbled 0.4%, 115 points, to 26,481.4. The Nasdaq was up 0.3% to 8,125.3, and the S&P 500 ticked up 2 points to 2,929.5.
At the small-cap level, the Russell 2000 was down 0.7% to 1,577.7, and the S&P SmallCap 600 Index dropped 0.8% to 966.1.
1:05 pm: Dow drops triple digits on 3M dip as Wall Street remains mixed
US markets were mixed Thursday afternoon as they Dow struggled to pull out of negative territory.
The blue chips have recovered slightly after the index lost more than 200 points at the open on news that 3M was cutting its 2019 guidance. The industrials manufacturer dropped more than 12%.
Otherwise, US markets fared better amidst a busy day of earnings season. So far, more than 170 S&P 500 companies have reported first quarter earnings, with 78% beating expectations, according to data from Refinitiv.
Meanwhile, jobless claims shot up to 230,000 last week, according to data from the US Labor Department, up 37,000 from the week prior. That number well outpaced the consensus estimate of 209,000.
The Dow dropped 0.4%, 115 points, to 26,481.4. The Nasdaq was up 0.3% to 8,125.3, and the S&P 500 ticked up 2 points to 2,929.5.
At the small-cap level, the Russell 2000 Index was down 0.7% to 1,577.7, and the S&P SmallCap 600 dropped 0.8% to 966.1.
Across the pond, European markets struggled. The London FTSE fell 0.8% to close at 7,434.1, the French CAC shrank 0.3% to finish at 5,557.7 and the German DAX ended 0.3% lower at 12,282.6.
10:00 am: Dow plunges on 3M results as traders sift through another round of quarterly reports
The Dow plummeted more than 200 points at the open Thursday as 3M tanked the blue chips almost single handedly.
The industrials manufacturer dropped nearly 10% on poor first quarter results before the bell.
Otherwise, US markets fared better as earnings season was in full swing. The tech sector was up 0.4% as big fish Facebook and Microsoft reported promising figures late Wednesday.
So far, more than 170 S&P 500 companies have reported first quarter earnings, and 78% of them beat expectations, according to data from Refinitiv.
The Dow tumbled 0.8%, 217 points, to 26,379.5. The Nasdaq increased 0.4% to 8,130.5, and the S&P 500 dropped 0.2% to 2,921.6.
At the small-cap level, the Russell 2000 slowed 0.5% to 1,579.7, and the S&P Smallcap 600 lost 0.7% to 967.5..
Across the pond, European markets struggled. The London FTSE fell 0.8% to 7,411.3, the French CAC shrank 0.5% to 5,546.4 and the German DAX receded 0.4% to 12,263.7.
7:29 am: Wall Street shares poised for mixed start after seeing red mid-week; Amazon results eagerly awaited
Wall Street stocks are poised for a mixed start Thursday after a negative close as traders expect another slew of corporate earnings, with Tesla (NASDAQ:TSLA) and Facebook (NASDAQ:FB) in focus, while e-commerce titan Amazon (NASDAQ:AMZN) reports after the bell.
Tesla, the closely- followed electric car giant, yesterday failed to surprise when it revealed it had lost $702 million in the first three months of the year, while its revenue was down 37% compared to the previous quarter.
Meanwhile, social media giant Facebook said it had set aside $3 billion in legal expenses related to a Federal Trade Commission investigation, which cut into its profit for the first three months of 2019.
On Wednesday, the Dow Jones Industrial Average finished down over 59 points at 26,597; the Nasdaq closed down over 18 at 8,102 and the S&P 500 shed around six points at 2,927.
In futures today, the Dow Jones is is 118 points lower; the Nasdaq futures is ahead by ten and the S&P 500 futures is down two points.
In Europe, the FTSE 100 is down nearly 30 points; the German DAX is down 15 points at the time of writing. The French CAC 40 is off around 16 points.
In Asia overnight, the Nikkei 225 added over 107 points at 22,307, while the Shanghai Composite Index lost around 77 at 3,123.