US Equities Take Mixed Directions as 3M (MMM) Dents Dow, Tech Gains Support Nasdaq

Press Release

US stocks took mixed directions on Thursday as the Dow Jones Industrial Average was dented by a selloff in 3M (MMM) while a modest rally in technology supported the Nasdaq Composite as traders assessed the latest economic data. In economic news, jobless claims came in at 212,000 in the week ended Oct. 19, below the consensus estimate of analysts polled by Econoday for 214,000 and fewer than the previous reading which was a revised 218,000.

Nine of the Standard & Poor’s 500 sectors were lower, led by communication services, down by 0.9% and health, 0.4% lower. Technology gained 0.8% and materials added 0.2%.

The Dow was led lower by a 4.3% slide in 3M after the conglomerate cut its full-year earnings forecast after reporting mixed third-quarter results. Also in equity news, Align Technology (ALGN) led gainers on the S&P 500, rising 12% after topping the Street’s expectations with its third-quarter results after markets closed on Wednesday.

Lam Research (LRCX) was 11% higher after posting better-than-expected results also late Wednesday. PayPal (PYPL) was 8.2% higher after raising full-year revenue guidance and outlining better-than-expected quarterly results.

Decliners on the index were led by Twitter (TWTR), which fell 19% after its third-quarter results missed views amid “unexpected headwinds” in its ad business. Alliance Data Systems (ADS) was down by 17% after reporting third-quarter adjusted earnings and revenue which missed estimates.

The Dow Jones Industrial Average was 0.4% lower, the S&P 500 was 0.1% weaker and the Nasdaq Composite was up 0.2%.

This post was originally published on Health Opinion

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