Dow falls after the shock of 3M; Microsoft and Facebook propel Nasdaq by Investing.com

Investing.com – Wall Street was mixed on Thursday, with disappointing results from 3M, while the good results of Facebook (NASDAQ 🙂 and Microsoft (NASDAQ 🙂 helped rally Nasdaq.

3M (NYSE 🙂 fell 10.5% after announcing a 5% drop in sales in the first quarter due to weak demand from the auto sector and a particularly sharp decline sales in China and the Asia-Pacific region. He also announced a restructuring that will eliminate 2,000 jobs worldwide.

At the same time, Facebook grew by 7.2% and Microsoft by 3.4% after posting better-than-expected results after Wednesday's bell.

"Facebook and Microsoft are well-known names and one would think that they would be able to put the market on their shoulders and pull it higher, but 3M is a bit more telling of the global economy because its products are sold ubiquitously, "said Mark Luschini, chief strategist at Janney Montgomery Scott in Philadelphia.

The drop of 8 points or 0.3% at 9:44 am (1:44 pm GMT), while the Dow Jones fell by 261 points or 0.9%, but the techno-heavy gained 23 points or 0.3%.

Tesla (NASDAQ 🙂 fell 2.6% after a larger loss than expected and CEO Elon Musk hinted that a possible return to the financial markets was observed, while UPS dropped 5.4% as adverse weather hit the first quarter results. Boeing (NYSE 🙂 edged down 0.1%, while caterpillar (NYSE 🙂 fell 1.3% and Verizon (NYSE 🙂 lost 1%.

Comcast (NASDAQ 🙂 jumped 2.8% after the acquisition of British broadcaster Sky, while Lam Research (NASDAQ 🙂 gained 5.5% and the Hershey Company (NYSE 🙂 rose 5%.

In commodities, it rose 0.3% to $ 1,283.65 troy ounce, while it decreased 0.1% to $ 65.81. The, which measures the greenback against a basket of six major currencies, remained stable at a new high for 2019, at 97.852.

-Reuters contributed to this report.