US Dow futures fall more than 150 points after ugly 3M earnings miss

Big 5

On Thursday morning, U.S. stock index futures were mixed, as market participants digested geopolitical news and looked ahead to another day of corporate earnings.

Dow futures tumbled after component 3M reported earnings that were much lower than analysts had expected after trading modestly lower in early trading,. The company also slashed its full-year outlook and announced plans to cut 2,000 jobs worldwide.

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, appliance, paper and printing, packaging, food and beverage and construction.

At around 6:30 a.m. ET, Dow futures indicated a negative open of more than 150 points. Futures on the S&P and Nasdaq were both marginally higher.

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. The meeting aims to show Kim Jong Un that he has more options aside from the United States.

Source: CNBC

 

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