3M shakes off global worries as profit, sales exceed estimates

3M shakes off global worries as profit, sales exceed estimates

The earnings risk from China "is definitely something you need to brace for", said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. Advanced Micro Devices Inc, due to report Tuesday, gets about a third of its revenue from China, based on Refinitiv's data, while Apple's results also are due Tuesday. The yuan appreciated to its strongest against the dollar since July before Vice Premier Liu He travels to Washington for trade talks, and as the People's Bank of China freed up a potential US$37 billion for bank lending.

Chipmaker NVIDIA lowered its revenue forecast, citing a slowdown in China.

Asian machinery stocks may move after Caterpillar reported its biggest quarterly profit miss since at least the beginning of 2008: Komatsu, Hitachi Construction Machinery, Doosan Heavy Industries & Construction, Doosan Infracore, Kobe Steel, Kubota, Tadano, Takeuchi Manufacturing, Seven Group Holdings, Zoomlion Heavy Industry, Sany Heavy Industry, Sany Heavy Equipment, Sumec Corporation, CTCI Corporation, Guangxi Liugong Machinery and XCMG Construction Machinery Co.

The beginning of the week started with investors displaying a weak sentiment towards the futures market as the U.S Stock Index Futures shows a downward trend.

Under President Donald Trump the US has imposed import taxes on steel, aluminum and hundreds of Chinese products, drawing retaliation from China and other USA trading partners.

China's cooling economy had already begun to reveal itself across a broad array of USA economic sectors. The downgrade came days after China, one of Caterpillar's key markets, posted its slowest gross domestic product growth in almost three decades.

"Without China growing at a good clip it will be hard for the global economy and the U.S.to continue an expansion", Nauman said.

Nvidia pulled down the Philadelphia semiconductor index by 2.9 percent, while the S&P technology index dropped 2.1 percent.

The country last week reported its weakest annual growth since 1990.

The British FTSE 100 lost 0.9 percent, while the French CAC 40 fell 0.8 percent and the German Dax lost 0.6 percent. The Hang Seng in Hong Kong and South Korea's Kospi were both virtually flat.

Economic worries seeped into the commodity markets, where U.S. oil prices plummeted 3.2% to $51.95 a barrel.

USA crude settled down 3.17 percent at $51.99 per barrel and Brent fell 2.77 percent to settle at $59.93.

The company expects volatile oil prices to hurt its energy and transportation business this year.

Declining issues outnumbered advancers for a 2.09-to-1 ratio on the NYSE and a 2.05-to-1 ratio on the Nasdaq. The S&P 500 shed 1.1%, and the Nasdaq Composite lost 1.6%.

The price of gold rose 0.4 percent, to $1,303.10 an ounce, silver also rose 0.4 percent, to $15.77 an ounce, and copper fell 1.8 percent, to $2.68 a pound.

Benchmark 10-year U.S. Treasury notes rose 3/32 in price to push their yield down to 2.7404 percent.

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