Stocks fell Thursday with the Dow Jones Industrial Average dragged down more than 200 points by a sharp decline in 3M shares, but the Nasdaq Composite notched a record high, helped by earnings from technology giants Facebook and Microsoft reported late Wednesday.
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The benchmark S&P 500 index fell as investors gauged earnings from Southwest Airlines and Comcast and waited for first-quarter results after the closing bell from such giants as Amazon, Ford Motor and Starbucks. The dollar hit a four-month high overnight.
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Facebook was up despite facing a potential $5 billion fine from regulators and Microsoft rose early on better-than-expected earnings driven by a surge in its cloud business.
Shares of 3M fell hard after the company reported earnings that were much lower than analysts expected. The company also reduced its full-year outlook and announced plans to cut 2,000 jobs worldwide.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26355.67 | -241.38 | -0.91% |
| SP500 | S&P 500 | 2924.51 | -2.74 | -0.09% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8138.846344 | +36.83 | +0.45% |
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Southwest Airlines reported a big drop in quarterly profit but it still beat analyst expectations. The gains came despite the carrier canceling thousands of flights in the period due to a dispute with its mechanic’s union and the grounding of Boeing’s 737 Max jets.
More than 170 S&P 500 companies have reported quarterly results so far, according to FactSet. Of those companies, 78 percent have posted better-than-expected earnings.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| MMM | 3M COMPANY | 197.86 | -21.22 | -9.69% |
| LUV | SOUTHWEST AIRLINES CO. | 54.39 | +1.46 | +2.76% |
| FB | FACEBOOK INC. | 195.49 | +12.90 | +7.07% |
| MSFT | MICROSOFT CORP. | 130.17 | +5.16 | +4.13% |
In economic news, the Commerce Department said orders for long-lasting durable goods posted the biggest increase in March since last summer, suggesting a rebound in manufacturing, led by autos, planes and networking equipment. While the industrial sector is still expanding, the ongoing U.S. trade dispute with China and a weaker global economy are providing headwinds.
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China’s Shanghai Composite closed down 2.43 percent, the Hang Seng finished lower 0.86 percent and Japan’s Nikkei 225 ended up 0.48 percent.
Britain’s FTSE 100 was off 0.82 percent, France’s CAC 40 fell 0.58 percent and Germany’s DAX declined 0.39 percent.
