U.S. Stocks Declined Amid Caterpillar, 3M Results as Metals Decline

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

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U.S. Stocks Fall Amid Caterpillar, 3M Results as Metals Decline

U.S. stocks fell, extending declines to a third day, as results from 3M Co. and Caterpillar Inc. disappointed investors and commodities continued to slide.

3M and Caterpillar Inc. fell at least 3.3 percent after both cut their sales forecasts. Miner Freeport-McMoRan Inc. plunged 9.3 percent as copper fell to a two-week low. American Express Co. lost 3.3 percent as it said expenses are poised to rise. GM jumped 4.3 percent as rising truck sales boosted profits. SanDisk surged 17 percent after better-than-estimated earnings.

The Standard & Poor’s 500 Index fell 0.5 percent to 2,103.63 at 12:58 p.m. in New York, after its biggest two-day slide in two weeks. The Dow Jones Industrial Average declined 104.76 points, or 0.6 percent, to 17,746.28, while the Nasdaq Composite Index lost 0.3 percent.

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.

Amazon.com Inc. and Starbucks Corp. are also among 54 S&P 500 companies due to report earnings today. Analysts now call for a 5.3 percent drop in second-quarter profit, shallower than July 10 estimates for a 6.4 percent decline.

Source : Bloomberg

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