ANNOUNCER: This is CNN breaking news.</s>COSTELLO: As promised, what exactly is happening on Wall Street? The Dow is down 200 points. Alison Kosik is at the New York Stock Exchange. What's going on?</s>KOSIK: We are in the thick of third quarter earning season and Wall Street does not like the reports that are coming out. Three Dow components came out with earnings today. They cut their outlooks. That is the reason you're seeing the sell-off now. Just out of the gate, the market has been opened by 10 minutes. The Dow down 190 points. We heard from DuPont, 3M, United Technologies. They didn't come out with good earning. You know, in some way, it's really not a major surprise because these companies are dealing with these worries about the fiscal cliff here in the U.S., obviously, the continuing debt crisis and the recession overseas. But here's the thing -- just as important as it is that these companies come out with these numbers, it's what they see what's going to be coming. When we talk about third quarter earning seasons, we're talking about the months from July to September. So, Wall Street wants to know, OK, what does this mean for the future? And these companies are lowering their outlooks. For one, look at DuPont. DuPont reported lower than expected sales, way down slowing demand in Europe and Asia. And that, by the way, seems to be a common theme. This third quarter earning season, a lot of these companies are being weighed down by the slowdown globally, especially in Europe and Asia. Also, DuPont announced it's going to be laying off 1,500 workers to try to cut some costs that it needs to fight this slowing global demand. We are seeing DuPont right now fall more than 7 percent. It's a Dow component that is weighing down the Dow. 3M came out with poor results as well, shares falling more than 3 percent. All 30 Dow components, Carol, right now are in the red -- Carol.</s>COSTELLO: I knew you'd have the answer, even though we might not like it. Alison Kosik, thanks so much. Quick break. We'll be back.
Dow Drops 150-Plus Points; Dow Drops 150-plus Points