What happened Shares of 3M (NYSE: MMM) are trading 2.8% lower at 10:46 a.m. ET on Thursday morning on no company-specific news, but a hotter-than-expected producer price index (PPI) reading had investors concerned about further aggressive Federal Reserve interest action. Cleveland Fed bank president Loretta Mester was reported as saying she saw a "compelling" case for more interest rate hikes to combat inflation.