Dow futures hit by 3M results; upbeat tech results
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[April 25, 2019]
By Sruthi Shankar
(Reuters) - Dow and S&P futures were
pressured by a steep fall in industrial company 3M's shares on Thursday,
while upbeat results from high-flying companies Facebook and Microsoft
supported Nasdaq futures.
Investors are assessing earnings reports from some of the biggest U.S.
companies this week to see if the strong run-up in market since the
start of the year is justified as the main Wall Street indexes hover
below all-time highs.
The S&P 500 is trading roughly 0.5% below its intraday record hit in
late September, while the Nasdaq hit an intra-day record high on
Wednesday but failed to close at those levels.
"As the earnings season gains potency, the missing link to a stronger
upward move is low volume, suggesting a cautious attitude by investors,"
said Peter Cardillo, chief market economist at Spartan Capital
Securities in New York.
3M Co's shares tumbled 9.1% in premarket trading after the company said
it would lay off 2,000 workers globally as it reported a
lower-than-expected quarterly profit and cut its 2019 earnings forecast.
Microsoft Corp gained 5% after the company beat Wall Street estimates
for quarterly results and predicted continued growth for its cloud
After a 23% rally in its shares this year, the software company is set
to topple Apple Inc as the most valuable publicly listed U.S. company.
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Traders work on the floor at the New York Stock Exchange (NYSE) in
New York, U.S., April 24, 2019. REUTERS/Brendan McDermid
Facebook Inc jumped 8.4% after the social media giant's quarterly profit blew
past Wall Street's profit estimates and the company set aside $3 billion to
cover a settlement with U.S. regulators.
At 7:18 a.m. ET, Dow e-minis were down 104 points, or 0.39%. S&P 500 e-minis
were up 0.25 points, or 0.01% and Nasdaq 100 e-minis were up 17.5 points, or
Among other movers, Lam Research gained 4.8% after the semiconductor equipment
maker reported better-than-expected quarterly results.
Amazon.com Inc, Intel Corp and Ford Motor Co are among the big names set to
report results after the bell.
Economic data due at 8:30 a.m. ET is expected to show new orders for U.S. core
capital goods rebounded in March, after falling unexpectedly in February.
Separately, a Labor Department report is expected to show the number of
Americans filing applications for unemployment benefits rising 8,000 to a
seasonally adjusted 200,000 for the week ended April 20.
(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by
Date: 04/25/2019 06:54 AM
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