Caterpillar reported disappointing earnings this morning. The heavy-equipment maker announced its profits are down 45 percent and also cut its forecast for the rest of the year.

The U.S. economy will grow by 3 percent this summer, due to a change in the data used to calculate GDP.

Chinese manufacturers have moved to Italy and set up garment factories. They excel at making garments fast and cheaply, but some Italian manufacturers are unhappy with their presence.