Well it's a busy morning for earnings - shares of 3M fell more than 5% in premarket trading after its quarterly earnings and revenue missed expectations.  The company also trimmed its full year outlook.  Caterpillar also dropped more than 5% following the release of its results.  Higher input and freight costs contributed to the disappointing numbers, the stock is now down almost 16% for the month. (CNBC)

All in all, earnings season has actually been quite positive so far.  This is the busiest week of the earnings season, with more than 150 members of the S&p500 set to report.  Of the companies that have reported thus far, 80% have topped analyst estimates. 

On the positive side of the ledger, Lockheed Martin raised full-year earnings guidance as it reported stronger than expected third-quarter numbers, partly due to rising production of the F-35 fighter plane.  United Technologies raised its full-year earnings guidance for the third time this year as it reported higher than expected third-quarter earnings on strong aircraft and equipment demand.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.