U.S. stocks fell, extending declines for a third day, as results from 3M Co. and Caterpillar Inc. disappointed investors and commodities continued to slide.
The Standard & Poor’s 500 Index fell 0.6 percent to 2,102.20 at 4 p.m. in New York, closing near its average price during the past 50 days.
Sluggish international markets are damping earnings at U.S. industrials giants. Caterpillar is selling fewer of its signature yellow diggers and dump trucks to miners amid the deepening slump in prices for copper, coal and iron ore. Sales of engines and generators to the energy industry also have been hurt by the slide in oil and natural gas prices.
Analysts now call for a 5.3 percent drop in second-quarter profit for S&P 500 companies, shallower than July 10 estimates for a 6.4 percent decline.
Source : Bloomberg