Wall Street was set to open sharply lower on Tuesday as disappointing earnings from industrial bellwethers Caterpillar and 3M piled on to concerns over Saudi Arabia’s diplomatic isolation, Italy’s finances and trade war fears.
Shares of Caterpillar (CAT.N) sank 7.7 percent in premarket trading after the heavy-duty equipment maker just scraped past quarterly profit estimates as tariffs drove up material costs and the company opted not to raise 2018 earnings forecast.
3M Company (MMM.N) fell 6.8 percent after its third-quarter sales missed estimates and the company cut its full-year profit forecast due to currency headwinds.
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