Markets Right Now: Stocks plunge in early trading

Markets Right Now: Stocks plunge in early trading
FILE- In this Oct. 11, 2018, file photo trader Thomas Ferrigno works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, Oct. 23. (AP Photo/Richard Drew, File)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening sharply lower on Wall Street following big drops in Asia and Europe.

The Dow Jones Industrial Average dropped more than 300 points in early trading, pulled down by big drops in Caterpillar and 3M.

3M fell 6.3 percent after its earnings missed Wall Street’s targets. Caterpillar, which makes construction equipment, fell 7 percent.

Market favorites including Amazon and Apple fell sharply.

The price of crude oil fell, pulling down energy stocks.

The S&P 500 index fell 38 points, or 1.4 percent, to 2,716.

The Dow lost 367 points, or 1.5 percent, to 24,939. The Nasdaq composite gave up 127 points, or 1.7 percent, to 7,339.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.