NEW YORK (AP) — Stocks are falling in midday trading following poor corporate earnings and reports that a key meeting between finance ministers in Europe has been cancelled.
Manufacturing leader 3M cut its 2011 earnings forecast, and U.S. Steel warned that demand for its products could slow. Netflix Inc. plunged 35 percent after the company said it is losing customers and lowered its profit estimates for the next quarter.
The market was also pulled lower Tuesday by a report that consumer confidence plunged in October to the lowest level since March 2009.
The Dow Jones industrial average was down 123 points, or 1 percent, to 11,790 at 11:50 Eastern. The S&P 500 fell 16, or 1.3 percent, to 1,237. The Nasdaq dropped 37, or 1.4 percent, to 2,663.