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Home / Business / Dow falls 500 points after disappointing results from Caterpillar and 3M

Dow falls 500 points after disappointing results from Caterpillar and 3M



3M's share fell more than 7.9 percent after quarterly results and sales failed to meet expectations. The company has also lowered its earnings forecast for 2018.

The continued sale of tech and financial stocks also led to a decline in futures.

Netflix dropped 3.3 percent, recording monthly losses of more than 14 percent. Amazon, Nvidia, Alphabet and Twitter shares also traded lower as investors worried about valuations of high-growth technology stocks with rising interest rates.

Bank of America lost 2.8 percent and has now fallen more than 10 percent in October fears that rising mortgage rates would dampen credit growth. Higher short-term rates may also increase competition for bank deposits. Banks lowered the market on Monday.

The last bestseller comes during the busiest week of the reporting season, with more than 1

50 members of the S & P 500 reporting. Of the companies that have reported so far, 79.6 percent have surpassed analyst estimates for profits, according to FactSet.

"The US corporate earnings season has started with more melancholy than bang," said Nick Colas, co-founder of DataTrek Research, in a note. "Yes, companies exceed expectations, but less than usual."

"This week has a chance to change things with 32% of S & P 500 reporting, but it's now clear we're in the forefront of earnings," added Colas.


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