Investing.com – Wall Street closed mixed on Thursday as tech stocks racked up gains, led by Facebook and Microsoft, but industrial stocks were hit by a slump in 3M.
3M reported lower-than-expected quarterly profit and downgraded guidance for full-year earnings as weakness in automotive and electronics markets as well as China hurt performance. Its shares slumped 13%, dragging the broader industrials sector lower.
But it wasn't all doom and gloom on the earnings front as better-than-expected reports from Facebook and Microsoft sent tech soaring.
Elsewhere, Tesla (NASDAQ:TSLA) closed 4% lower after it reported an adjusted loss of $2.90 a share for the first quarter, wider than the 69 cents a share loss expected, with revenue also missing estimates.
Energy stocks, meanwhile, ended the day roughly unchanged as U.S. oil prices fell 1% a day after the Energy Information Administration reported a larger-than-expected build in domestic crude supplies.
Homebuilders were also pressured. DR Horton (NYSE:DHI) fell after its better-than-expected quarterly results were offset by its gloomy outlook on revenue.
On the economic front, durable goods orders topped economists' expectations, but jobless claims jumped by more than expected. The mixed economic data comes a day ahead of preliminary first-quarter U.S. GDP numbers.
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