US markets are getting slammed right now.
Dow futures are down by a whopping 300 points right now. S&P futures are down 26 points
This follows disappointing earnings announcements from corporate giants Caterpillar and Microsoft.
The just-released December durable goods report was very disappointing. Orders unexpectedly plunged by 3.4%. November's number was revised to -2.1% from last month's -0.7% estimate.
Capital good orders excluding nondefense aircraft fell 0.6%, missing economists' expectation for a 0.9% gain.Weighing On The Dow
The 30-component Dow Jones Industrial Average is a peculiar stock market index for several reasons.
For one, it's a price-weighted index, which means a stock with a high per-share price will have a greater influence on the index's fluctuations. And currently, a one-point move in any single Dow stock moves the Dow by 6.42195 points.
Currently, four stocks are tumbling after releasing quarterly earnings and guidance that fell short of expectations: Microsoft, Caterpillar, Proctor & Gamble, and United Technologies.Microsoft is down 3.9 points (-8.4%), which shaves 25.0 points from the Dow. CAT is down 7.2 points (-8.4%), which hacks 46.2 points. United Technologies is down 4.7 points (4.0%), which cuts 30.1 points. P&G is down by 2.7 points (3.0%), which takes 17.3 points.
Altogether, that's 118.6 points.
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