Markets Right Now: Big tech, industrials lead stocks lower

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. The Nasdaq gave up 121 points, or 1.7 percent, to 7,007.

The yield on the 10-year Treasury reached 3 percent for the first time since January 2014.

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2:07 p.m.

Stocks are falling sharply on Wall Street as big technology and industrial companies take heavy losses.

The Dow Jones industrial average plunged as much as 600 points Tuesday, weighed down by sharp drops in Caterpillar, a heavy equipment maker, and manufacturer 3M.

Caterpillar warned of weaker profits and 3M, like several other manufacturers reporting their quarterly results, said it was seeing higher costs for raw materials.

Mining company Freeport-McMoRan plunged 16 percent.

Google parent Alphabet sank 5.3 percent after reporting a spike in spending.

The Dow was down 540 points, or 2.2 percent, at 23,918. It was down as much as 619 earlier.

The S&P 500 index lost 44 points, or 1.7 percent, to 2,626. The Nasdaq gave up 144 points, or 2 percent, to 6,984.

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11:45 a.m.

Major U.S. stock indexes gave up an early gain and were mostly lower in midday trading, but smaller companies rose.

Travelers, mining company Freeport-McMoRan and plumbing supplies maker Masco all fell Tuesday after reporting results that were weaker than analysts were expecting.

The yield on the 10-year Treasury, a benchmark for interest rates on many kinds of loans including mortgages, hit 3 percent for the first time since January 2014, reflecting higher expectations for inflation and economic growth.

Some companies rose after reporting solid results. Verizon, Harley-Davidson and Fifth Third Bancorp all rose.

The S&P 500 index fell 5 points, or 0.2 percent, to 2,664.

The Dow Jones industrial average lost 124 points, or 0.5 percent, to 24,313. The Nasdaq gave up 45 points, or 0.6 percent, to 7,083.

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9:50 a.m.

The yield on the 10-year Treasury note, a benchmark for many kinds of interest rates including mortgages, hit 3 percent for the first time since January 2014.

The rising yield reflects higher expectations for inflation and economic growth.

Stocks moved broadly higher in early trading Tuesday as a handful of solid company earnings reports put investors in a buying mood.

Verizon, Harley-Davidson and Fifth Third Bancorp all rose.

The S&P 500 index rose 3 points, or 0.2 percent, to 2,674.

The Dow Jones industrial average climbed 47 points, or 0.2 percent, to 24,523. The Nasdaq increased 11 points, or 0.2 percent, to 7,139.

Bond prices fell. The yield on the 10-year Treasury went as high as 3 percent in early trading before slipping back to 2.99 percent.

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9:35 a.m.

Stocks are opening broadly higher on Wall Street as a handful of solid company earnings reports put investors in a buying mood.

Verizon, Harley-Davidson and Fifth Third Bancorp all rose sharply in early trading Tuesday after reporting results that came in ahead of analysts' forecasts.

Google parent Alphabet also reported surging earnings, but its stock fell 2.2 percent as the company said spending rose sharply.

Drugmaker Shire rose 3.3 percent after saying it had received another takeover offer from Japanese rival Takeda.

The S&P 500 index rose 9 points, or 0.4 percent, to 2,680.

The Dow Jones industrial average climbed 71 points, or 0.3 percent, to 24,523. The Nasdaq increased 34 points, or 0.5 percent, to 7,162.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent.