To quote the great 'Anchor Man,' Ron Burgundy: "Boy, that escalated quickly." Things certainly escalated quickly for the markets today as the Dow started the day in positive territory then almost immediately switched course and dove deep into the red.

Caterpillar (CAT - Get Report)  led the Dow lower but wasn't the only industrial to suffer on the news, as companies in the sector fell across the board Tuesday. Cummins (CMI - Get Report)  shares were down almost 5%, Oshkosh  (OSK - Get Report)  fell 7%. Crane Co. (CR - Get Report)  shares fell 8% as did shares of Freeport McMoRan (FCX - Get Report) , which declined 15%.

There was almost nowhere to hide Tuesday. Tech giant Alphabet (GOOGL - Get Report)  couldn't impress. Shares of the Google parent fell nearly 5% after the search giant easily beat first-quarter earnings and revenue expectations only to see concerns about rising costs negate any positive reaction from investors. Eli Lilly & Co. (LLY - Get Report)  reported first-quarter adjusted earnings of $1.34 a share, higher than estimates of $1.13. The company also raised its outlook for 2018 earnings. The stock traded down 0.5%. One bright spot was Verizon (VZ - Get Report)  , which topped first-quarter 2018 earnings forecasts on Tuesday morning, amid reports the Department of Justice is investigating whether the company and other telecoms are developing technology standards that would allow them to lock some devices. Shares gained 3.4% to $50.32 on Tuesday.

It took me a little while, but I found some non-earnings related stories today. Real Money's Ed Ponsi takes us through the recent short position announced by Jeffrey Gundlach, the Chief Investment Officer of DoubleLine Capital, in Facebook (FB - Get Report)  on Monday at the Sohn Conference in New York. Ponsi explains both the timing of Gundlach's bet that Facebook will fall and the technicals of the thought behind the trade. "From Gundlach's perspective, Facebook is a troubled company with a troubled chart in a troubled market. I can certainly see his point in shorting the stock," he says.

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Photo of the day: Facing an uphill climb

Much like the road worker pictured above circa 1941, Caterpillar Inc. (CAT - Get Report) finds itself climbing up hill. The 193-year-old heavy machinery maker disappointed Tuesday investors as it said material cost increases this year likely will come in above estimates because of higher steel prices. Caterpillar fell more than 6% after CFO Bradley Halverson said the company expects "steel to be a headwind all year." Read More

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