Sunday , July 25 2021

Dow slides 250 points after 3M profit



Traders work under monitors showing the 3M Co. of the New York Stock Exchange (NYSE) in New York.

Michael Nage | Bloomberg | Getty Images

Traders work under monitors showing the 3M Co. of the New York Stock Exchange (NYSE) in New York.

Facebook shares rose by more than 8% after first-quarter data showed promising growth in stories and ads.

"We believe that investors will continue to feel comfortable with the growing financial risk posed by content and privacy issues," said Guggenheim Partners analyst Michael Morris. "The company proactively and definitively deals with these issues, while expanding key tools and new initiatives."

The analyst also raised its Facebook bid to $ 220 per share of $ 200.

Meanwhile, Microsoft climbed more than 4 percent, as better-than-expected earnings were due to a 41 percent increase in revenue from commercial clouds. This growth was headed by Azure, whose sales grew by 73%.

More than 170 S & P 500 companies reported quarterly results so far, according to FactSet. 78% of these companies have posted better than expected earnings. "The company proactively and definitively deals with these issues, while expanding the core tools and new initiatives.

"As the earnings season approached mid-year, the news was good enough to keep the bulls busy, and there were a few examples of really disturbing news," said Michael Shaul, Marketfield Asset Management's chairman and CEO. , "The worst we can say is that investors in some cases resort to more hope than normal, especially in the key semiconductor sector, where the second recovery is strongly valued by many issuers, but it seems unlikely to be a factor in the near future. "

Wall Street finished Wednesday's session with lower values ​​as a result of mixed corporate results. Earlier this week, the S & P 500 reached its highest closing level and stayed half a percent below its daily record.

– CNBC's Silvia Amaro contributed to this report.


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