(CNBC) — Stocks fell on Wednesday as comments from a top 3M executive washed out the positive sentiment from a possible renewal of U.S.-China trade talks.
The Dow Jones Industrial Average fell 18 points as shares of 3M dropped 2.7 percent. CFO Nick Gangestad said 3M expects higher raw materials costs to be a headwind for its bottom line. Those comments sent the 30-stock index lower after it had rallied 174.66 points on news of a potential restart to U.S.-China trade talks.
Dow Jones reported, citing sources, that the U.S. is proposing a new round of talks with China in the near future. The report says the talks are aimed at getting bilateral economic negotiations back on track.