Stocks appear primed for a fall

Wright State University’s state-of-the-art MTC Technologies Trading Center. FILE

Wright State University’s state-of-the-art MTC Technologies Trading Center. FILE
Business
By
Oct 23, 2018
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Some fear that stock markets are poised to fall today after some disappointing earnings reports and general global wariness.

U.S. stock futures were pointed in a negative direction early Tuesday as corporate results from 3M and Caterpillar shook investors.

Shares of 3M fell more than 5 percent in pre-market activity after its quarterly earnings and revenue missed expectations, CNBC reported.

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And Caterpillar, which operates a large distribution center in Clayton, also dropped more than 5 percent following the release of its quarterly results. The company is blaming higher manufacturing costs and freight costs. And steel tariffs have pushed material costs up, the company said.

Investors around the world appear to be in a selling mood, with European and Asian markets posting drops after strong showings on Monday, in some cases.

In futures trading, both the S&P 500 and the Dow Jones Industrial Average marked falls of 1.3 percent, while Nasdaq futures appeared primed for a 1.5 percent collapse.

Across the Atlantic, the Stoxx Europe 600 was down 1.2 percent Tuesday. Germany’s DAX index was down by 1.7 percent.

Normal market trading begins at 9:30 a.m. in the United States.

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Thomas Gnau is a business reporter who joined the Dayton Daily News in 2007. He has reported for daily newspapers in Ohio since 1991.