|Day's range||26,582.86 - 26,680.58|
|52-week range||21,712.53 - 26,951.81|
Stock futures pointed to a lower open after manufacturing giant 3M (MMM) shares slumped on the heels of disappointing quarterly earnings and guidance.
Jeremy Grantham, an investor credited with calling the 2000 and 2008 downturns, told CNBC on Thursday that investors should get inured to lackluster returns in the stock market for the next two decades, after a century of handsome gains.
U.S. stock-index futures on Thursday morning trade mixed, with those for the Dow under pressure after disappointing 3M Co. earnings, while healthy gains in the technology sector buoyed the Nasdaq and S&P.
3M Co.'s stock could be blamed for the near triple-digit selloff in futures for the Dow Jones Industrial Average , after the industrial, consumer and health care products company missed first-quarter profit and revenue expectations, cut its full-year outlook and said it was cutting 2,000 jobs. 3M's stock tumbled 8.5%, with the implied price decline on track to shave about 127 points off the Dow's price, while Dow futures are down 91 points. Meanwhile, S&P 500 futures edged up 0.1%.
FAANG stock Facebook and honorary FAANG member Microsoft were up in premarket trading after reporting strong earnings Wednesday night. Still, U.S. stock futures were flat to lower.
Shares of 3M Co. tumbled 7.6% in premarket trade Thursday, after the diversified industrial, health and consumer products company reported first-quarter profit and sales that missed expectations, slashed its full-year guidance and said it would cut 2,000 jobs. Net income $891 million, or $1.51 a share, from $602 million, or 98 cents a share, in the same period a year ago. Excluding non-recurring items, such as litigation-related charges and the impact of tax reform, adjusted EPS slipped to $2.23 from $2.50, missing the FactSet consensus of $2.49. Sales declined 5% to $7.86 billion from $8.28 billion, below the FactSet consensus of $8.03 billion. Among its largest business segments, industrial sales fell 6.6% to $2.9 billion, below the FactSet consensus of $3.1 billion; safety and graphics sales dropped 4.2% to $1.7 billion, below expectations of $1.77 billion; and health care sales edged up 0.3% to $1.5 billion, compared with expectations of $1.55 billion. 3M said it has initiated restructuring actions, including reducing its workforce by 2,000 positions, in an effort to save $225 million to $250 million a year. For 2019, the company cut its adjusted EPS guidance range to $9.25 to $9.75 from $10.45 to $10.90. "We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves," said Chief Executive Mike Roman. The stock has gained 15% year to date through Wednesday while the Dow Jones Industrial Average has advanced 14%.
Former Vice President Joe Biden will join a crowded 2020 Democratic presidential race, he confirmed, as expected, with an early Thursday morning video announcement. Biden, 76, is considered among the more high-profile candidates in the early 2020 Democratic primary season, which now features more than 20 individuals vying for the nomination. He had two failed presidential runs before serving as President Barack Obama's vice president. Biden made headlines earlier this spring when faced with accusations from several women that he's made them uncomfortable with unwanted physical contact. Biden responded, short of an apology, critics charged, by saying he understood that social norms have changed and that he needs to be more respectful of the personal space of others.
TOKYO (AP) — Shares retreated in Europe and Asia on Thursday, with Chinese benchmarks down sharply as the central bank signaled it would opt for caution on stimulus measures.
Based on the early trade, the direction of the June E-mini Dow Jones Industrial Average on Thursday is likely to be determined by trader reaction to the pivot at 26503.
The Dow Jones Industrial Average fell 0.22% to close at 26,597.05. The S&P 500 lost 0.22% to end at 2927.27, and the Nasdaq Composite slipped 0.23% to close at 8102.01.
Stocks gave up an early gain to finish with modest losses Wednesday as investors continued weighing a steady flow of corporate earnings. Energy and communications companies took some of the biggest losses ...
The stock market roars back into record territory, but investment inflows remain a trickle. That’s because investors are already heavily weighted to equities and other risky assets, say Société Générale analysts.
By Herbert Lash NEW YORK (Reuters) - The euro fell against the U.S. dollar on Wednesday after data showed a surprise deterioration in German business morale, raising fears of slowing global growth and ...
The euro fell against the U.S. dollar on Wednesday after data showed a surprise deterioration in German business morale, raising fears of slowing global growth and weighing on a gauge of world equity markets, including Wall Street. The decline in the Munich-based Ifo economic institute's business climate index bucked expectations for a small improvement and sent U.S. Treasury yields lower as investors piled into safe-haven bonds. Premier Li Keqiang in China fed concerns about global growth, saying authorities should not underestimate the difficulties in the Chinese economy.
President Donald Trump on Wednesday said the stock market has delivered all-time highs around hundred times since he’s taken office — a reference to records hit by the S&P 500 and the Nasdaq Composite Index on Tuesday.
U.S. stocks and bonds are climbing in tandem, raising doubts about the durability of the current rally that has taken the S&P 500 and the Nasdaq to their first records of 2019.
U.S. stocks close lower Wednesday, a day after the S&P 500 and Nasdaq carved out their first records in months, following earnings from high-profile companies that offered a mixed picture of American corporations.
Visa Inc. shares were up down 1% in after-hours trading Wednesday after the company beat earnings expectations for its fiscal second quarter but reported in-line revenue. The card network posted net income of $3 billion, or $1.31 a share, up from $2.6 million, or $1.11 a share, in the year-earlier period. The FactSet consensus called for $1.24 in earnings per share. Revenue rose to $5.5 billion from $5.1 billion a year earlier and came in roughly in line with the consensus forecast. The company reaffirmed its full-year outlook, which called for annual net-revenue growth in the low single digits on a nominal basis, with roughly 1 percentage point of negative foreign-exchange impact. Shares have gained 22% so far this year, as the Dow Jones Industrial Average has risen 14%.
The S&P 500 and the Nasdaq Composite indexes on Wednesday failed to extend their climb into record territory as a pullback in the mostly buoyant energy sector weighed on the broader market. The S&P 500 index closed off 0.2% at 2.927, with the energy sector , down 1.9%, delivering the biggest headwind for the benchmark, while the Nasdaq slipped 0.2% to 8,102, a day after the equity market pair produced their first records in months. Meanwhile, the Dow Jones Industrial Average finished off 0.2% at 26,597 (all on a preliminary basis), holding within 1% of its Oct. 3 all-time high. Shares of Caterpillar Inc. exacted a the stiffest toll from the price-weighted Dow after its quarterly results disappointed Wall Street, coming amid a barrage of quarterly results that included reports from Boeing Co. and former Dow-component AT&T .
The S&P 500 and the Nasdaq Composite both closed at new all-time highs. The Dow Jones Industrial Average isn’t far behind. But was it really a record?
The troubled airplane maker’s shares are up 17% year to date, better than the 14% gain in the Dow Jones Industrial Average.