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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European Stocks Declined for Second Day Amid Apple Miss, Earnings

European stocks declined after Apple Inc.’s worse-than-forecast results dragged semiconductor companies lower and commodity producers deepened declines.

Apple chip suppliers Dialog Semiconductor Plc and Infineon Technologies AG lost at least 5.2 percent. ARM Holdings Plc, whose technology is used in iPhones, tumbled 6.6 percent. The company’s quarterly revenue also missed estimates. BHP Billiton Ltd. slid 5.7 percent, leading a drop in miners, after saying petroleum, copper and coal output will drop in fiscal 2016.

The Stoxx Europe 600 Index slipped 0.6 percent to 400.28 at the close of trading. It briefly pared a drop of as much as 0.8 percent after data showed U.S. existing-home sales climbed to an eight-year high in June, before resuming a decline.

A fourth day of declines in commodity stocks sent the U.K.’s FTSE 100 Index 1.5 percent lower, the worst drop in western-European markets.

Source : Bloomberg

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