The US markets headed lower on Wednesday as lackluster earnings reports prompted investors to hit the sell button. Also lower today were commodities, with crude oil falling below $97 per barrel and gold falling below $1,334 per ounce.
In corporate news, Caterpillar (NYSE:CAT) disappointed investors by reporting third quarter earnings of $946 million, or $1.45 per share, as revenue slumped to $13.4 billion. The company missed both top and bottom line estimates and also prompted yet another guidance reduction. However, Boeing (NYSE:BA) reported third quarter earnings of $1.16 billion, or $1.51 per share, as revenue rose by 11% to $22.1 billion. Excluding pension costs, Boeing would have earned $1.80 per share, easily topping Wall Street estimates of $1.55 per share.
After the bell today, investors will see earnings reports from AT&T (NYSE:T), Angie's List (NASDAQ:ANGI), Morningstar (NASDAQ:MORN) and TripAdvisor (NASDAQ:TRIP).
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