Weak industrial earnings drag Wall Street lower

REUTERS: U.S. stocks were pulled lower on Thursday by downbeat earnings from industrial companies, including 3M, although strong results from marquee names Facebook and Microsoft kept the tech-heavy Nasdaq afloat.

Microsoft Corp rose 3.7per cent, briefly crossing US$1 trillion in market value, after the software giant beat estimates for quarterly results and predicted continued growth for its cloud computing business. The S&P 500 has rallied this year, rebounding from a late-2018 slump, on hopes of a U.S.-China trade deal and a dovish tilt from the Federal Reserve. The index is 0.6per cent below its record high hit in late September.

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