Chevron (CVX), Exxon (XOM), Caterpillar (CAT) Weigh Dow Down

Shares of Chevron (NYSE:CVX), Exxon (NYSE:XOM) and Caterpillar (NYSE:CAT) are pushing the Dow Jones Industrial average down as macro-economic news weighed strongly on the performance of the companies.

Several issues are pressing on the market, including the downgrade of Spanish debt by Moody’s (NYSE:MCO) to 'Aa2,' including a negative outlook.

Just as important was the news from China of a trade deficit of $7.3 billion in February, the largest gap in seven years. That was the first trade gap experienced by China since March 2010.

Jobless claims were another impetus behind the weak markets, as for the week ended March 5 they rose 26,000 to a seasonally adjusted 397,000, according to the Labor Department.

The U.S. trade deficit also expanded, increasing to $46.3 billion, a boost of $6 billion.

Chevron was trading at $99.02, down $3.12, or 3.05 percent, as of 12:33 PM EST. Exxon was at $81.97, dropping $2.41, or 2.86 percent. Caterpillar was trading at $99.29, down $3.07, or 3.00 percent.