*By Carlo Versano* Stocks plunged worldwide Tuesday amid a multitude of headwinds that added to a sense among investors that global economic growth was headed for a slowdown. In the U.S. markets, it was exemplified by disappointing earnings from two industrial bellwethers that are highly exposed to global economic trends, Caterpillar and 3M. The Dow Industrials fell as much as 550 points in morning trading, though had pared its losses slightly my mid-session. The S&P and NASDAQ both also traded sharply lower, with the latter re-entering correction territory, down more than 10 percent from its highs at the lows of the day. Equipment maker Caterpillar ($CAT) beat expectations on its quarterly profit but predicted rising material costs, due in part to Chinese tariffs. That was enough to send shares down 5 percent. 3M ($MMM) also disappointed on an all-around poor quarter. The multinational conglomerate that makes products ranging from Post-its to traffic signals cut its outlook for 2018 citing slowing sales. That stock was down 4 percent. Tech stocks also showed continued weakness, as investors prepare to pore over earnings from many of Silicon Valley's biggest names beginning Wednesday with Microsoft ($MSFT) and Tesla ($TSLA). Tesla, incidentally, was one of the few bright points in the markets Tuesday. Shares were up almost 10 percent after noted short-seller Andrew Left at Citron Research said he was [positive on the stock](https://citronresearch.com/citron-reverses-opinion-on-tesla/), calling the story "too compelling to ignore." Markets overall are in the midst of a volatile October after rising mostly unimpeded for the last year. The volatility index ($VIX), which gauges fear in the market, rose above the key level of 24 again in early trading, indicating a widespread sell-off. The Dow is on pace for its biggest monthly drop since August 2015, and the S&P, Nasdaq, and Russell are all having their worst months since 2011.

Share:
More In Business
Michigan Judge Sentences Walmart Shoplifters to Wash Parking Lot Cars
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
State Department Halts Plan to buy $400M of Armored Tesla Vehicles
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
Goodyear Blimp at 100: ‘Floating Piece of Americana’ Still Thriving
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
Load More