Wall Street lost ground in early trading Tuesday, as big names reported gloomy earnings that missed estimates.
DuPont Co., the third-biggest U.S. chemical maker, declined after the company said third-quarter profit fell 30 percent as demand declined and cut its forecast.
Caterpillar Inc., the world's largest maker of bulldozers and excavators, said third-quarter profit fell 6.4 percent, missing analysts' estimates due to rise in costs. Texas Instruments Inc., the second-largest U.S. semiconductor maker, predicted a drop in sales. And SanDisk Corp., the biggest maker of memory cards for digital cameras, posted a second straight loss.
American Express Co. rallied in early trading, as the largest U.S. credit-card company by purchases said profit from continuing operations beat average estimate of analysts.
Gloomy earnings reports overshadowed another retreat in money market rates. The London Interbank Offered Rate, or Libor, dropped to the lowest levels in over a month Tuesday. The rate on three-month loans in dollars declined for the seventh straight day to 3.83 percent from 4.06 percent.
The Dow Jones fell 110.87 to 9,154.56. Broader indexes also turned lower. The Standard & Poor's 500 index slid 13.93 to 971.47;and the Nasdaq slipped 30.41 to 1,739.62.
Source: Xinhua
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