Shares of industrial names were being crushed following discouraging Q4 results and a downbeat 2015 outlook from Caterpillar Inc. CAT, which fell 6.08 percent to $80.80 after the market open on Tuesday.
Ahead of its earnings release, Caterpillar reported that global sales fell 12 percent in December.
Amid the news, Terex Corporation TEX fell 4.38 percent to $22.49.
Mining equipment manufacturer Joy Global Inc. JOY fell 3.58 percent to $42.05.
Cummins Inc. CMI, the diesel engine manufacturer, fell 3.12 percent to $143.23.
Manitowoc Company Inc MTW traded at $19.28 shortly after the open, down 3.74 percent.
Deere & Company DE fared somewhat better but still fell 2.36 percent to $86.34.
PACCAR Inc PCAR was somewhat more resilient, falling 1.32 percent to $64.35 Tuesday morning.
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