Markets Right Now: Big tech, industrials lead stocks lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
4 p.m.
Stocks are closing sharply lower on Wall Street as big technology and industrial companies take heavy losses.
Market favorites including Alphabet and Amazon dropped Tuesday, and heavy equipment maker Caterpillar sank 6.2 percent after warning of weaker profits.
3M, like several other manufacturers reporting their quarterly results, said it was seeing higher costs for raw materials. 3M dropped 6.8 percent.
Alphabet fell 4.8 percent after reporting a spike in spending.
The Dow Jones industrial average fell 424, or 1.7 percent, to 24,024. It was down as much as 619 earlier.
The S&P 500 index lost 35 points, or 1.3 percent, to 2,634.