These 2 Stocks Are Dragging the Dow Lower Tuesday
The stock market is dealing with two countervailing factors right now. On one hand, beaten-down stock indexes have fallen enough to look like good values for many investors. On the other hand, fears about a possible recession and its impact on earnings have some market participants nervous about what 2023 could bring. The Dow Jones Industrial Average (DJINDICES: ^DJI) actually held up far better than most stock market benchmarks in 2022, and it's also managed to put up modest gains so far this year.
On Tuesday, though, a couple of key Dow Jones components gave their latest financial reports, and shareholders generally weren't happy with what they saw. As a result, both 3M (NYSE: MMM) and Verizon Communications (NYSE: VZ) lost ground in premarket trading Tuesday morning, and that pushed Dow futures lower as well, hinting at a weaker open. Below, you'll see more detail on what about 3M's and Verizon's reports have investors a bit spooked to start the day.
Shares of 3M traded 5% lower in the premarket session Tuesday morning. The industrial conglomerate's fourth-quarter financial results weren't as good as most investors had hoped, and 3M also gave a downbeat assessment for how 2023 is likely to go.
Source Fool.com
