Stocks are opening lower on weak results from Caterpillar Inc.
Caterpillar, the world’s largest maker of construction and mining equipment, earned less than analysts were expecting last quarter. That offset earnings gains from McDonald’s and Schlumberger.
Investors are still waiting for a resolution to the impasse over raising the U.S. debt limit to avoid a default.
Caterpillar’s earnings are seen as an indicator of the health of the global economy.
Just after the start of trading, the Dow Jones industrial average is down 32 points, or 0.3 percent, at 12,692. The S&P 500 is down 2, or 0.1 percent, at 1,342. The Nasdaq is up 8, or 0.3 percent, at 2,842.