The benchmark S&P 500 edged higher on Thursday as strong results from Microsoft Corp and PayPal Holdings Inc offset dour results from 3M Co and Twitter Inc.
The tech-heavy Nasdaq rose on the strength of Microsoft and PayPal shares, while a decline in 3M shares weighed down the Dow Jones Industrial Average.
Microsoft shares gained 2.0% as the tech giant’s outlook for cloud computing services surpassed analysts’ expectations, while PayPal shares rose 8.3% on the payments company’s strong full-year earnings forecast. Microsoft and PayPal were the top boosts to the S&P 500 and the Nasdaq.
Shares of 3M dropped after the industrial conglomerate missed third-quarter sales estimates and lowered its full-year profit forecast. The company’s U.S. sales dropped 1.1%, and its Asia-Pacific sales fell 5% as industrial production slowed.
Twitter shares plummeted 20.9% after the social networking company’s revenue and profit missed estimates, in part due to technical issues with its ad platform. The decline in Twitter shares capped gains on the S&P 500.
The results from 3M pointed to continued fallout from the U.S.-China trade dispute as tariffs have made business conditions uncertain for many companies, analysts said. Other companies, including Caterpillar Inc and Texas Instruments Inc, have attributed weak third-quarter results to trade-related issues.
The Dow Jones Industrial Average fell 51.39 points, or 0.19%, to 26,782.56, the S&P 500 gained 2.54 points, or 0.08%, to 3,007.06 and the Nasdaq Composite added 53.91 points, or 0.66%, to 8,173.70.
Source : Reuters