Verizon Communications Inc., Caterpillar share losses contribute to Dow's nearly 350-point drop

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Shares of Verizon Communications Inc. and Caterpillar are posting losses Friday morning, sending the Dow Jones Industrial Average into negative territory. The Dow DJIA, -1.06% was most recently trading 345 points, or 1.0%, lower, as shares of Verizon Communications Inc. VZ, -4.94% and Caterpillar CAT, -2.00% are contributing to the blue-chip gauge’s intraday decline. Verizon Communications Inc.’s shares are down $3.13 (5.7%) while those of Caterpillar are down $4.86, or 2.1%, combining for a roughly 53-point drag on the Dow. Nike NKE, -2.16%, UnitedHealth UNH, -1.68%, and 3M MMM, -1.52% are also contributing significantly to the decline. A $1 move in any of the benchmark’s 30 components equates to a 6.59-point swing.