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3M shares fell more than 5.5% after quarterly earnings and revenues exceeded expectations. The company has also reduced its earnings outlook for 2018.
Continued sales of technology and financial stocks also lowered futures.
Netflix fell 2.7%, bringing its monthly losses to more than 14%. Amazon, Nvidia, Alphabet and Twitter stocks also traded lower as investors worried about valuations of high-tech names with rising interest rates.
Bank of America fell 2.8% and fell more than 9% in October as investors worried that rising mortgage rates would dampen loan growth. Higher short-term rates can also increase competition for bank deposits. Banks led the market down on Monday.
The latest wave of sales comes in the busiest week of the earnings season, with more than 150 S & P 500 members to report. According to FactSet, 79.6 percent of companies that published a report outperformed analysts' estimates of earnings.
"The US corporate earnings season has started with more fantasies than smashing," said Nick Colas, co-founder of DataTrek Research, in a note. "Yes, companies exceed expectations, but by less than usual."
"This week has the chance to turn things around with 32% of S & P 500 returns. Nevertheless, it is now clear that we have exceeded the peak profit period," added Colas.
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