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US equities took a nosedive Tuesday, extending to global inventory.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The Dow (^ DJIslid 1.31%, gold 332.69 points, as of 1:01 p.m. AND, as major manufacturers Caterpillar and 3M posted disappointing financial results. The S & P 500 (^ GSPC) fell 1.32%, or 36.62 points. The Nasdaq (^ IXIC) slipped 1.27%, gold 94.19 points. "data-reactid =" 16 ">The Dow (^ DJIslid 1.31%, gold 332.69 points, as of 1:01 p.m. AND, as major manufacturers Caterpillar and 3M posted disappointing financial results. The S & P 500 (^ GSPC) fell 1.32%, or 36.62 points. The Nasdaq (^ IXIC) slipped 1.27%, gold 94.19 points.
Typically, a company's stock will fall when financial results disappoint. But what has been notable about the current earnings season is better than expected.
Investors turned to safe haven investments, with prices of the Treasuries, gold and the yen rising during early trading Tuesday. Bond prices move inversely to yields.
This is a continuation of volatility seen through October. As of market close yesterday, the S & P 500 was down 6.26% from its October 3 intraday high of 2939.86 points.
The S & P 500's year-to-date closing prices.
"The recent falls in US equity markets have brought huge waves of conspiracy theories about the reasons for the declines. The scapegoats are not earnings nor forward-looking indicators but simply that financial conditions have tightened, "Jefferies analyst Sean Darby wrote in a note. "The culprit for the sell-off? Financial conditions have tightened. "
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Darby cited the combination of a strong dollar and rising US bond yields as headwinds to share prices."data-reactid =" 43 ">Darby cited the combination of a strong dollar and rising US bond yields as headwinds to share prices.
STOCKS: Manufacturing stocks Caterpillar, 3M disappoint
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Caterpillar (CAT) posted disappointing full-year guidance profits that topped analysts' expectations. Revenue gained 18% to $ 13.5 billion, versus average expectations of $ 13.3 billion from Wall Street. Earnings came in at $ 2.86 per share, a penny better than expected. However, Caterpillar noted that manufacturing costs are higher and the costs are higher. Caterpillar, a major player in global industrialization, and investors looking to the company for the fallout of the trade war. Shares of Caterpillar slid 6.15% to $ 120.76 per share as of 12:59 pm and "data-reactid =" 45 ">Caterpillar (CAT) posted disappointing full-year guidance profits that topped analysts' expectations. Revenue gained 18% to $ 13.5 billion, versus average expectations of $ 13.3 billion from Wall Street. Earnings came in at $ 2.86 per share, a penny better than expected. However, Caterpillar noted that manufacturing costs are higher and the costs are higher. Caterpillar, a major player in global industrialization, and investors looking to the company for the fallout of the trade war. Shares of Caterpillar slid 6.15% to $ 120.76 per share as of 12:59 pm ET
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "3M (MMM) downwardly revised its forecast for annual profits manufacturer tumbling in early trading. The company trimmed its outlook for the third time this year, providing guidance for $ 9.90 to $ 10 per share in 2018, down from $ 10.20 to $ 10.45 per share. Sales in the consumer division fell 3.4%, while health care sales declined 2.8%. The company delivered GAAP earnings of $ 2.58 per share on revenue of $ 8.15 trillion, versus average analyst expectations of $ 2.71 per share on revenue of $ 8.4 trillion. The stock fell 5.06% to $ 191.14 per share as of 12:59 pm ET. "Data-reactid =" 46 ">3M (MMM) downwardly revised its forecast for annual profits manufacturer tumbling in early trading. The company trimmed its outlook for the third time this year, providing guidance for $ 9.90 to $ 10 per share in 2018, down from $ 10.20 to $ 10.45 per share. Sales in the consumer division fell 3.4%, while health care sales declined 2.8%. The company delivered GAAP earnings of $ 2.58 per share on revenue of $ 8.15 trillion, versus average analyst expectations of $ 2.71 per share on revenue of $ 8.4 trillion. The stock fell 5.06% to $ 191.14 per share as of 12:59 pm ET.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "McDonald's (MCD) beat Wall Street but missed in domestic same-store sales. The company delivered earnings of $ 2.10 per share, 11 cents better than average analyst expectations. Domestic same-store salesed slightly at 2.4% versus expectations of 2.5%, while international same-store sales grew 4.2% above consensus of 3.7%. Shares of McDonalds rallied 6.17% to $ 176.91 per share as of 1:00 pm ET and "data-reactid =" 47 ">McDonald's (MCD) beat Wall Street but missed in domestic same-store sales. The company delivered earnings of $ 2.10 per share, 11 cents better than average analyst expectations. Domestic same-store salesed slightly at 2.4% versus expectations of 2.5%, while international same-store sales grew 4.2% above consensus of 3.7%. Shares of McDonalds rallied 6.17% to $ 176.91 per share as of 1:00 pm ET.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 11, 2018. REUTERS / Brendan McDermid
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "United Technologies (UTX) reported quarterly profits that beat average analyst expectations and raised its full-year 2018 profit forecast, quoting strong demand for jet engines and airplane parts. The company delivered third-quarter sales of $ 16.5 billion, up 10% from the prior year. United Technologies bumped up its forecast for $ 7.20 to $ 7.30 per share in 2018, compared with the previous guidance of $ 7.10 to $ 7.25, the company said in a statement. Shares rose 1.71% to $ 128.51 per share as of 1:00 pm ET. "data-reactid =" 72 ">United Technologies (UTX) reported quarterly profits that beat average analyst expectations and raised its full-year 2018 profit forecast, quoting strong demand for jet engines and airplane parts. The company delivered third-quarter sales of $ 16.5 billion, up 10% from the prior year. United Technologies bumped up its forecast for $ 7.20 to $ 7.30 per share in 2018, compared with the previous guidance of $ 7.10 to $ 7.25, the company said in a statement. Shares rose 1.71% to $ 128.51 per share as of 1:00 pm ET.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Verizon (VZ), the parent company to Yahoo Finance, delivered quarterly profit and revenue above expectations. Third-quarter net income rose to $ 5.06 billion, or $ 1.19 per share, from $ 3.74 billion, or 89 cents per share, in the year-ago quarter. Total revenue increased 2.8% to $ 32.61 billion. The stock rose 2.38% to $ 56.29 per share as of 1:01 p.m. ET. "Data-reactid =" 73 ">Verizon (VZ), the parent company to Yahoo Finance, delivered quarterly profit and revenue above expectations. Third-quarter net income rose to $ 5.06 billion, or $ 1.19 per share, from $ 3.74 billion, or 89 cents per share, in the year-ago quarter. Total revenue increased 2.8% to $ 32.61 billion. The stock rose 2.38% to $ 56.29 per share as of 1:01 pm ET.
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<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck"data-reactid =" 75 ">Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read more from Emily:"data-reactid =" 76 ">Read more from Emily:
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