3M's earnings report is weighing on the Dow
The Dow Jones Industrial Average (DJI) is lower at midday, but has pared a triple-digit deficit at its session lows, as a dismal earnings report from 3M (MMM) offsets well-received quarterly reports from Microsoft (MSFT) and Dow Inc (DOW). The S&P 500 Index (SPX) is sitting just above breakeven, while the Nasdaq Composite (IXIC) is confidently higher, propped up by Tesla's (TSLA) quest for the $300 level. Elsewhere, investors are digesting a 1.1% drop in durable goods orders for September, its steepest drop in four months, though the weak economic data is bolstering expectations for another Fed rate cut next week.
Continue reading for more on today's market, including:
One name seeing heightened options volume today is Ford Motor Company (NYSE:F), with more than 180,000 options crossing the tape so far -- six times the average intraday amount, and volume pacing for the 100th percentile of its annual range. Leading the charge today is the January 2020 10-strike call, where it looks like options traders are selling their positions to close. Ford stock is down 6.5% to trade at $8.62, after the carmaker cut its full-year earnings forecast.
ServiceNow Inc (NYSE:NOW) is one of the top stocks on the New York Stock Exchange (NYSE) today, up 8.4% to trade at $238.49, after the software company reported a third-quarter earnings and revenue beat. Despite no fewer than eight price-target cuts today, NOW stock has erased yesterday's losses -- fueled by a surprise CEO exit -- and recently pulled back to a trendline with historically bullish implications.
On the other end of the spectrum is PG&E Corporation (NYSE:PCG), down 9.5% to trade at $7.42 today. Weighing on the stock is news of a growing wildfire near San Francisco, and the utility company has turned off the power in more than a dozen counties. PG&E stock is heading toward its lowest close since January, and earlier this month was rejected by its 40-day moving average.
