S&P 500 rose after strong earnings of Alphabet

Yet here we are, and the S&P is actually 2% lower than it was on New Year's Day.

But the industrial giant's shares sunk later in the day, sparking a mass sell-off throughout the stock market, after Caterpillar Chief Financial Officer Brad Halverson said the company's first-quarter profit "will be the high-water mark for the year" because of expected increases in investment later in 2018.

3M, the maker of Scotch tape and Post-it notes, weighed most heavily after the company said it would lower its earnings guidance for 2018. DowDuPont shed 4.4 percent to $62.73. Another market favorite, Amazon, shed 4.3 percent to $1,452.47. It was down as much as 619 earlier before paring some of its losses.

Nasdaq 100 and S&P 500 futures were off 0.3% apiece. Scandal-hit Facebook which is set to report after market on Wednesday, was down 0.14 percent.

Gold fell 0.7 percent to $1,324.10 an ounce and silver sank 0.8 percent to $16.57 an ounce. Meanwhile, Alphabet, the parent of Google, has recently published big earnings yesterday.

USA benchmark oil prices had turned higher around the last hour of trading on the New York Mercantile Exchange.

INDUSTRIAL WEAKNESS: Caterpillar executives told analysts on a conference call in the late morning that they don't expect the company to report a larger per-share profit for the rest of the year.

The investors continue to keep an eye on the bond market where yields on 10-year treasuries were traded at its highest since January 2014, passing the psychological barrier of 3% for the first time in over 4 years. Verizon, Harley-Davidson and Fifth Third Bancorp all rose.

This Tuesday futures of S&P 500 went slightly up, following Nasdaq and Dow Jones industrial index.

10-year Treasury Yield: +0.04 percentage point to 3.02%.

The yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages, and it's been climbing because investors expect greater economic growth and faster inflation.

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Bond yields, which are reflecting a rise in inflation expectations, were on the march higher Monday, a continuation of gains logged last week.

After a strong start, US stocks abruptly sold off Tuesday after machinery maker Caterpillar said it doesn't expect to top its first-quarter profit for the rest of the year.

The S&P 500 index rose 3 points, or 0.2 percent, to 2,674.

Diversified industrial manufacturer 3M was the biggest drag on the Dow Jones Industrial Average. The Nasdaq increased 11 points, or 0.2 percent, to 7,139.

United States 10-year yield hits 3.02%. Bond prices fell again Wednesday, sending yields higher.

EARNINGS: South Korea's Samsung Electronics reported its net income grew 52 percent in the first quarter on robust demand for its memory chips.

Drugmaker Shire rose 3.3 percent after saying it had received another takeover offer from Japanese rival Takeda.

One of the stocks leading the index higher was travel website Travelzoo (NASDAQ:TZOO) which surged nearly 21% to US$9.35 after first-quarter income from continuing operations nearly tripled to US$2.5mln.

The Dow Jones industrial average climbed 71 points, or 0.3 percent, to 24,523.

Japan's benchmark Nikkei 225 rose 0.9 percent, helped by the weaker yen.

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