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The Dow Jones Industrial Average dropped on Thursday as a sharp decline in 3M shares dragged the 30-stock index.
The Dow lost 106.23 points to 26,490.82, as shares of 3M dropped 11% after the company reported earnings that were much lower than analysts had expected. The company also slashed its full-year outlook and announced plans to cut 2,000 jobs worldwide.
3M shares were also on pace for their worst day since Oct. 19, 1987.
The S&P 500 regained 4.87 points to 2,932.12, though a 5.3% drop in Altria shares also weighed on the consumer staples sector.
The NASDAQ Composite gained 31.69 to 8,135.01, and hit an all-time high, getting a boost from strong quarterly reports out of Facebook and Microsoft.
Facebook shares rose more than 5% after its first-quarter numbers showed promising growth in Stories and ads.
The analyst also raised his price target on Facebook to $220 per share from $200.
Microsoft, meanwhile, climbed more than 3% as its better-than-expected earnings were driven by a 41% surge in its commercial cloud revenue business. That growth was led by Azure, which saw sales skyrocket by 73%.
More than 170 S&P 500 companies have reported quarterly results so far. Of those companies, 78% have posted better-than-expected earnings.
Prices for the benchmark 10-year U.S. Treasury were marginally down, raising yields to 2.53% from Wednesday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices slid seven cents to $65.82 U.S. a barrel.
Gold prices gained 60 cents to $1,280.00 U.S. an ounce.
