The Dow Jones Industrial Average dropped on Thursday as a sharp decline in 3M shares dragged the 30-stock index.

The Dow fell 134.97 points to 26,462.08 as shares of 3M dropped 12.9% after the company reported earnings that were much lower than analysts had expected. The company also slashed its full-year outlook and announced plans to cut 2,000 jobs worldwide. 3M shares posted their worst day since Oct. 19, 1987, also known as Black Monday.

CEO Mike Roman said the quarter was "disappointing," noting: "We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves."

The and Nasdaq Composite fared better than the Dow, as Facebook and Microsoft jumped on strong quarterly numbers.

The S&P 500 ended the day marginally lower at 2,926.17, with gains in the health care and communications sectors offset a 2% drop in industrials. The Nasdaq, meanwhile, rose 0.2% to 8,118.68 and hit an intraday record.