The Dow Jones Industrial Average was headed for a big drop on Thursday after a disappointing quarterly report from 3M.
Dow futures traded down 121 points, indicating a drop of 171 points at the open. Shares of 3M dropped more than 9% 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.
Futures on the S&P 500 pointed to a small gain for the broad index, however, while Nasdaq 100 futures indicated solid gains after strong Facebook results. Shares of the social media giant jumped 8.6% in the premarket.
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More than 170 S&P 500 companies have reported quarterly results so far, according to FactSet. Of those companies, 78% have posted better-than-expected earnings.
Wall Street ended Wednesday’s session lower on the back of mixed corporate results. Earnings will remain the biggest market focus Thursday with Comcast and UPS due to report before the bell. Amazon, Ford, Inter, Starbucks and T-Mobile are set to update investors after the bell.
In terms of data, there will be jobless claims and durable goods at 8:30 a.m. ET and housing vacancies due at 10:00 a.m. ET.
Meanwhile, Russian President Vladimir Putin received the leader of North Korea Thursday. One expert told CNBC the meeting aims to show Kim Jong Un that he has more options aside from the United States.
Source: cnbc.com | Original Link