Why 3M Stock Lost 12% in September
It had already been a rough year for 3M (NYSE: MMM) heading into September, and the stock continued to swoon as the company warned of sluggish growth heading into 2024. The macroeconomic environment also seemed to worsen after the Federal Reserve promised to keep benchmark interest rates higher for longer following its September meeting.
Shares of the industrial conglomerate had popped at the end of August after the company announced a $6 billion settlement to resolve a lawsuit over faulty military earplugs. However, the company gave back those gains and then some last month, falling by 12% according to data from S&P Global Market Intelligence.
As you can see from the chart below, the stock traded fairly evenly with the S&P 500 for the first two weeks of September before falling more sharply than the index through the remainder of the month.
Source Fool.com
