Nasdaq eyes record high after strong tech earnings; 3M results hit Dow

REUTERS: The tech-heavy Nasdaq index was on course to open at a record high on Thursday after strong results from Facebook and Microsoft, while a slump in shares of industrial conglomerate 3M weighed on Dow futures.

Microsoft Corp gained 5.2per cent after the company beat estimates for quarterly results and predicted continued growth for its cloud computing business. Investors are assessing earnings from some of the biggest U.S. companies this week to see if the strong run-up in stocks since the start of the year is justified as the main Wall Street indexes hover near all-time highs.The S&P 500 closed nearly 0.5per cent below its record high hit in late September on Wednesday. The index has rallied about 17per cent this year, supported by a dovish Federal Reserve, hopes of a U.S.-China trade deal and largely upbeat earnings.

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