Stocks Opened Mixed, Dow Fell as 3M Results Disappointed

U.S. stocks opened mixed on Thursday, as the Dow slid after disappointing 3M Co. earnings. The Dow Jones Industrial Average lately lost 228.42 points, or 0.86%, to 26,368.63. The S&P 500 edged down 4.26 points, or 0.15%, to 2,922.99. The Nasdaq Composite climbed 37.07 points, or 0.46%, to 8,139.08.

Oil futures gained Thursday, as energy-market participants considered the likelihood that major producers will increase supply in response to tougher U.S. action against Iran’s oil market. West Texas Intermediate crude for June delivery was up 36 cents, or 0.6%, to $66.23 a barrel. June Brent crude tacked on 95 cents, or 1.3%, at $75.49 a barrel.

3M Co. (MMM) reported first-quarter profit and sales that missed expectations, slashed its full-year guidance and said it would cut 2,000 jobs. Net income $891 million, or $1.51 a share, from $602 million, or 98 cents a share, in the same period a year ago. Sales declined 5% to $7.86 billion from $8.28 billion.

Microsoft (MSFT) has officially joined the $1 trillion club. Microsoft shares are trading at record highs and soared more than 5% in early trade Thursday.

Tesla (TSLA) reported its first loss on an adjusted basis since the second quarter of 2018. The company posted an adjusted loss per share of $2.90 for its fiscal first quarter. This was wider than the $1.30 loss per share consensus analysts were expecting, according to Bloomberg-compiled data. In the same quarter last year, Tesla lost an adjusted $3.35 per share.