NEW YORK (Reuters) - The S&P 500 and the Nasdaq rose on Thursday following strong quarterly reports from several technology companies, including Microsoft Corp (MSFT.O), but dour results from 3M Co (MMM.N) stymied the Dow Jones Industrial Average.
Microsoft shares gained 2.0% as the tech giant’s outlook for cloud computing services surpassed analysts’ expectations, while shares of PayPal Holdings Inc (PYPL.O) rose 8.6% 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.
Individual company results have greatly swayed the direction of Wall Street’s major indexes this week in the midst of earnings season. More than 80% of the 168 S&P 500 companies that have reported results have beaten profit expectations, according to Refinitiv data.
Yet the earnings season has also reflected signs of economic vulnerability, said John Carey, managing director at Amundi Pioneer Asset Management in Boston.
“On the whole, the earnings reports have supported a view of the economy as slowing,” he said.
In particular, 3M’s results pointed to continued fallout from the U.S.-China trade dispute, said J.J. Kinahan, chief market strategist at TD Ameritrade in Chicago.
“It’s showing us that the tariff situation continues to be a major concern for companies in how to spend their money,” Kinahan said.
The Dow Jones Industrial Average .DJI fell 28.42 points, or 0.11%, to 26,805.53, the S&P
