Dow falls more than 300 points after disappointing earnings from Caterpillar and 3M
Shares of 3M fell more than 5 percent after quarterly earnings and revenues had missed expectations. The company also trimmed earnings outlook for 2018.
Continued sales in tech and financials also pushed futures lower.
Amazon, Nvidia, Alphabet and Twitter shares were all traded lower as investors were concerned about valuations for high-tech technology names with interest rates on growth.
Bank of America fell 2 percent and is now down at over 9 percent in October when investors frustrated that rising housing rates would shrink loan growth. Higher short-term prices can also increase the competition for bank deposits. Banks led the market lower on Monday.
The last bout of sales comes during the busiest week of the earnings season, with over 1[ads1]50 members of the S & P 500 set to report. Of the companies that have reported so far, 79.6 percent of top analysts estimate earnings, according to FactSet.
"American corporate income season has begun with more than a blow," said Nick Colas, co-founder of DataTrek Research, in a note. "Yes, businesses beat expectations, but less than usual."
"This week has the ability to turn things around with 32% of the S & P 500 reporting. It's still clear that we're past the top income moment," Colas added.
