Stocks were hit hard on Tuesday, with the Dow Jones Industrial Average falling 1.7% of 425 points for its fifth straight loss as investors were spooked by cautious post-earnings comments from management teams as well as the fact that 10-year Treasury yield hit the 3% threshold for the first time since December 2013.
Industrials, materials and technology stocks led the decliners with losses of 2.8%, 2.7%, and 2% respectively. Key industrial reporters 3M Co (NYSE:MMM), Caterpillar Inc. (NYSE:CAT), and Lockheed Martin Corporation (NYSE:LMT) lost between 6.2% and 6.8% after reporting results that, at least in terms of headlines, beat estimates.
CAT zoomed higher after reporting results but reversed lower during the earnings calls after management admitted the results driven by the Donald Trump tax cuts were likely the high-water mark for the year.
United Technologies Corporation (NYSE:UTX) also moved lower despite an earnings beat, falling 1.1%.
Tech giants were hit hard as well, with Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) losing 4.5% despite a blowout quarter on worries over its operating margin. Facebook, Inc. (NASDAQ:FB) and Netflix, Inc. (NASDAQ:NFLX) struggled as well, falling 3.7% each. But that pales in comparison to the 14.5% decline recorded by Freeport McMoRan Inc (NYSE:FCX) after reporting a top- and bottom-line miss.
Check out Serge Berger’s Trade of the Day for April 25.
Today’s Trading Landscape
To see a list of the companies reporting earnings today, click here.
For a list of this week’s economic reports due out, click here.
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