The major stock indexes sold off early Tuesday with broad losses in today’s stock market action. The Dow Jones industrial average declined over 400 points after weak earnings results
Tariff fallout drags Dow Jones down 500 points
The three major U.S. stock indexes slid Tuesday after Caterpillar and 3M, two of the largest U.S. manufacturers, warned that President Trump’s trade war is driving up supply costs.
Caterpillar, which makes heavy equipment used in farming and road work, said tariffs on steel, aluminum, and $250 billion of Chinese imports cost the company an extra $40 million in the three months through September. The company may cut profit by $100 million or more for all of 2018.
The company’s stock slid 10 percent to $115.84, helping drag the blue-chip Dow Jones industrial average down 425 points in New York trading as of 10:55 a.m. The index declined more than 500 points earlier in the day.