Stock Market News For Oct 25, 2019
Zacks Investment Research | Oct 24, 2019 10:24PM ET
Mostly positive earnings results on Thursday helped the S&P 500 and the Nasdaq end in the green. However, 3M’s not so encouraging performance adversely impacted the Dow. September’s decline in new orders for manufactured goods also dented investors’ sentiment.
The Dow Jones Industrial Average (DJI) dropped 0.1% to close at 26,805.53. The S&P 500 rose 0.2% or 5.77 points to close at 3,010.29. Meanwhile, the Nasdaq Composite Index closed at 8,185.80, increasing 0.8% or 66 points. The fear-gauge CBOE Volatility Index (VIX) decreased 2.2% to close at 13.71. Decliners outnumbered advancers on the NYSE by a 1.16-to-1 ratio. On Nasdaq, a 1.34-to-1 ratio favored decliners issues.
How Did The Benchmarks Perform?
The blue-chip Dow Jones index ended in the negative territory, dragged down by 4.1% drop in shares of 3M Company (NYSE:MMM) as the industrial conglomerate lowered its full-year profit forecast. Strong earnings from Microsoft Corporation (NASDAQ:MSFT) and PayPal Holdings, Inc. (NASDAQ:PYPL) pushed their shares to rise 2% and 8.6% boosting the S&P 500 technology sector to trade higher.
In fact, the technology sector made the biggest among the 11 major S&P500 sectors. While, Twitter, Inc.’s (NYSE:TWTR) 20.8% drop after the earnings call dragged the S&P500 communication service sector by 1.1%
Mixed Earnings Report
3M Company reported better-than-expected third-quarter 2019 earnings of $2.58 per share that beats the Zacks Consensus Estimate of $2.47. However, the company’s new sales were $7,991 million, a decline of 2% from the year-ago quarter. There was a 1.3% decrease in organic sales and softness could be seen in China end-markets. (Zacks Investment Research
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