investor dan arbess helps us put today's swings into perspective.ome back to "squawk box" here on cnbc futures indicating a lower open on wall street. earnings concerns weighing on investor sentiment checking the stocks of the five dow components that have reported this morning. we see shares drop in caterpillar and 3m 3m missed on the top and bottom lines with currency shifts weighing on its results and the weakness in terms of lower earnings mcdonald's is the one that's bucking the trend moving higher on better than expected earnings and global comps verizon is higher as well. >>> joining us right now to talk about all of this is john knead, busy morning for you you cover caterpillar, 3m, and the defense stocks you have a lot of information to digest this morning. >> sure do busy time. >> the street does not like it's heard from 3m or caterpillar 3m maybe the more understandable declines in this because they issued sharply lower guidance. >> so i don't think the street was expecting the industrial group to be lower in guidance. maybe maintaining g