3M Co.'s stock experienced a significant 5.02% plummet on Tuesday, underperforming the broader market sell-off. The decline was primarily driven by negative sentiment surrounding the Dow Jones Industrial Average, which fell by over 550 points during the trading session.
Contributing to the sell-off in 3M's shares were losses in other major Dow components, including Boeing and American Express. Reports indicated that shares of Boeing and American Express were among the biggest drags on the blue-chip index, with their losses accounting for a substantial portion of the Dow's decline.
Additionally, 3M's stock movement may have been influenced by the company's announcement of a $1.1 billion two-part notes offering due in 2030 and 2035. While debt financing is common for large corporations, it could raise concerns about 3M's financial position and future cash flow requirements.
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