NEW YORK: Lacklustre results from Tesla and 3M dragged Wall Street’s main indexes lower on Tuesday, shifting investor focus to earnings from big technology companies, including Microsoft and Alphabet, later in the day.
Electric-car maker Tesla Inc dropped 3%, weighing on the S&P 500 and the Nasdaq, as its revenue beat was largely supported by sales of environmental credits and bitcoin liquidation rather than vehicle sales.
Microsoft Corp and Alphabet Inc slipped, while shares of Apple Inc, Facebook Inc and Amazon.com Inc, slated to report later this week, were mixed. The five companies combined account for about 40% of the S&P 500’s market capitalization.
Shares of 3M Co fell 3.3% after the conglomerate said supply chain disruptions from the COVID-19 pandemic and the February winter storm were pushing up its costs.
At 11:53 a.m. ET, the Dow Jones Industrial Average was down 20.49 points, or 0.06%, at 33,961.08, the S&P 500 was down 0.42 points, or 0.01%, at 4,187.20 and the Nasdaq Composite was down 23.41 points, or 0.17%, at 14,115.37.
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