NEW YORK (AP) — A gloomy outlook from Caterpillar, the world’s largest construction equipment company, tugged the stock market lower Wednesday.
The meager drop gave the stock market two consecutive days of losses, the first time that’s happened in an otherwise strong month. Caterpillar’s earnings fell 43 percent in the second quarter as China’s economy slowed and commodity prices sank.
Slight losses spread across a wide variety of companies, with nine of 10 industry groups in the Standard & Poor’s 500 index ending lower. The holdouts were technology companies, which got a lift from Apple’s surging stock.
Although far from a blockbuster earnings season, the larger trend for corporate profits looks good.