The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening sharply lower on Wall Street following big drops in Asia and Europe.

The Dow Jones Industrial Average dropped more than 300 points in early trading, pulled down by big drops in Caterpillar and 3M.

(Photo: AP)

3M fell 6.3 percent after its earnings missed Wall Street’s targets. Caterpillar, which makes construction equipment, fell 7 percent.

Market favorites including Amazon and Apple fell sharply.

The price of crude oil fell, pulling down energy stocks.

The S&P 500 index fell 38 points, or 1.4 percent, to 2,716.

The Dow lost 367 points, or 1.5 percent, to 24,939. The Nasdaq composite gave up 127 points, or 1.7 percent, to 7,339.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.