The markets sold off today as earnings announcements for the day left investors wanting a little more. In addition to this, the 10 year yield once again was on the move and investors were quick to sell on this increased flattening of the yield curve. The Dow 30 was lower by 423, the S&P 500 lost 35 and the Nasdaq 100 closed down on the day by 121.
3M (NYSE: MMM) was the biggest loser in the Dow today, losing 6.8% and dropping to new, nine month lows despite reporting earnings that were in line with analysts expectations. Investors sold on news that the company would be lowering it's full year projections going forward. The stock is now lower by over 15% on the year.
Verizon (NYSE: VZ) shares were higher on the day by 2% following an earnings beat. The company reported strong earnings and revenue came in much better than analysts had expected. Technical traders noted that the stock broke out of a two month range and closed above the 200 day moving average comfortably.
Coca Cola Co. (NYSE: KO) shares sold off 2% today despite showing earnings that were a little better than expected. Comments about taking a hit in the second quarter thanks to British sugar taxes on soft drinks along with increased freight costs caused investors to push the stock towards yearly lows.
Other stocks that reported earnings and sold off were Caterpillar (NYSE: CAT) which closed down by 6% despite beating the street's expectations, and raising full year profit forecasts. Alphabet (NASDAQ: GOOGL) shares were lower by 5% as the company reported earnings that showed an increase in costs despite strong ad sales. The stock closed below the 200 day moving average, nearing yearly lows.