(Kitco) Apr 25, 2019 11:56 AM EDT – Gold prices have gained a bid in morning trading Thursday and have hit new session highs, on short covering in the futures market and some bargain hunting in the cash market. A downturn in the U.S. stock market today has also benefitted the safe-haven gold and silver markets. June gold was last up $4.60 at $1,284.00.
Dow Falls but Comes Off Lows Following Plunge in 3M Shares
The Dow Jones Industrial Average retreats as shares of 3M plunge following an earnings miss and after the company said it would cut 2,000 jobs.
Here Are 3 Hot Things to Know About Stocks Right Now
1. The Dow Jones Industrial Average was lower as shares of 3M (MMM – Get Report) plunged following an earnings miss and after the company said it would cut 2,000 jobs.
2. Shares of Microsoft (MSFT – Get Report) climbed after beating Wall Street’s third-quarter earnings expectations.
3. Comcast (CMCSA – Get Report) was rising Thursday after beating first quarter earnings estimates.
Wall Street Overview
Stocks traded mixed Thursday as investors retreated after Dow component 3M (MMM – Get Report) fell sharply following an earnings miss and guidance cut.
The Dow Jones Industrial Average fell 113 points, or 0.43%, to 26,483 – at its low for the session the Dow traded at 26,310. The S&P 500 rose 0.14%, and the Nasdaq gained 0.38%.
3M posted weaker-than-expected first-quarter earnings and said it will launch a restructuring plan, including 2,000 job cuts, that will re-align the company into four business units as it slashed 2019 profit forecasts. Shares tumbled 10.7% to $195.61.
Microsoft rose 4% to $130 after the software giant beat Wall Street’s third-quarter earnings expectations. Microsoft traded as high as $131.37, pushing the stock past a valuation of $1 trillion for the first time.
Shares of Facebook ( FB – Get Report) rose 6.9% to $195.11 after the social media giant posted solid first-quarter results. The company said it set aside $3 billion as part of ongoing legal proceedings with the Federal Trade Commission.
Comcast ( CMCSA – Get Report) was up 3.1% to $43.14 after reporting stronger-than-expected first quarter earnings. The company missed analysts’ revenue estimates.
Tesla ( TSLA – Get Report) fell 3.1% to $250.69 a share after the electric vehicle company reported a wider-than-expected first-quarter loss but said it expects to return to profitability in the third quarter.
In economic news, new orders for manufactured durable goods in March increased $6.8 billion, or 2.7%, to $258.5 billion, the U.S. Census Bureau said.
Initial claims for state unemployment benefits jumped 37,000 to a seasonally adjusted 230,000 for the week ended April 20, the Labor Department said, the largest increase since early September 2017. Claims dropped to 193,000 in the week prior, which was the lowest level since September 1969.
Microsoft Analysts Raise Price Targets Following ‘Blow-Out Quarter’
The company’s growth was so impressive, even a Microsoft bear moved his price target up.
Posted By : Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com