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3M stock sinks to lead the Dow's losers, heads for first close below 200-DMA in 13 months

MarketWatch logo MarketWatch 9/7/2021 Tomi Kilgore
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MARKET PULSE

Shares of 3M Co. sank 3.0% in morning trading Tuesday, enough to pace the Dow Jones Industrial Average's decliners and to put them on track to close at a 5 1/2-month low. The industrial and consumer products company's stock, stock's price decline of $5.85 is shaving roughly 39 points off the price of the Dow, which is down 280 points, or 0.8%, with 24 if 30 components losing ground. 3M shares are also on track to close below its 200-day moving average (200-DMA), which many on Wall Street view as a dividing line between longer-term uptrends and downtrends, for the first time since Aug. 6, 2020. The stock has now shed 9.1% since closing at a two-year high of $207.33 on May 10, 2021. The company's most recent press release was on Friday, which was to announce that it will host an investor event on Sept. 13. The stock has now lost 7.5% over the past three months, while the SPDR Industrial Select Sector ETF has slipped 1.6% and the Dow has gained 1.3%.

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