Tuesday was another wild ride for investors.
Futures were deep in the red early Tuesday and the Dow was off more than 500 points at its lows before markets staged a nice comeback throughout the session though markets never were able to re-take the flatline.
Caterpillar shares closed down more than 7% on Tuesday and were the worst performer in the Dow. UBS analyst Steven Fisher noted Tuesday that this was the first quarter since 2016 that Caterpillar did not have a “beat and raise,” and the reaction in Caterpillar shares largely reflect what we’ve seen this earnings season — investors punishing results that are anything but stellar.
The drop in shares of 3M, meanwhile, followed a quarter when then company missed on earnings, missed on revenue, and lowered its guidance.
Along with Caterpillar, Boeing has been seen as a proxy for the status of U.S.-China trade relations, while AMD has been one of the most actively-traded stocks on the market and Microsoft one of the market’s big-cap tech bellwethers.
Boeing is expected to report adjusted earnings per share of $3.47 on revenue of $23.9 billion; Microsoft is expected to report adjusted earnings per share of $0.96 on revenue of $27.9 billion; and AMD is expected to report adjusted earnings per share of $0.12 on revenue of $1.7 billion. All estimates are according to Bloomberg.
The economic calendar on Wednesday will also be crowded with the preliminary report on manufacturing and services-sector activity due out from Markit Economics while the latest data on new home sales and home prices from the FHFA are due out in the morning.
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland