* Procter & Gamble rises after profit beats expectations
* 3M falls after cutting forecast, weighs on S&P, Dow
* Apple to report results after market close
* Indexes down: Dow 0.18 pct, S&P 0.28 pct, Nasdaq 0.34 pct (Adds details, changes comment, updates prices)
By Tanya Agrawal
Oct 25 (Reuters) - Disappointing corporate results from several heavyweights dragged Wall Street as investors looked for clues regarding the timing of the next interest rate hike ahead of a Fed meeting next week.
3M fell 3.2 percent to $165.83 after the maker of Scotch tape and Post-it notes trimmed its full-year revenue and earnings forecasts for the second time. The stock was the biggest drag on the S&P and Dow.
Whirlpool fell 11.2 percent to $151.37 after the home appliances maker's revenue took a hit from a strong dollar.
The dollar index was up 0.26 percent at 99.02 against a basket of major currencies, its highest level since early February. A strong dollar could dent the earnings of large multinationals.
"We've had some mixed earnings today and the market right now is digesting earnings and positioning itself ahead of the Fed meeting next week," said Jeff Zipper, managing director for investments at Private Client Reserve at U.S. Bank in Palm Beach, Florida.
Annualized third-quarter earnings from S&P 500 companies are expected to have risen 1.7 percent, following four quarters of contraction, according to Thomson Reuters I/B/E/S.
Of the 150 companies that have reported so far, 75.3 percent have beaten analyst expectations, above the long-term average of 63.5 percent.
"There is certainly some uncertainty around the election and the Fed and Brexit too," said Zipper.
While investors aren't expecting the Fed to raise rates when it meets next week, they will be looking for clues regarding the trajectory of future hikes. Traders are pricing in a 74 percent chance for a December hike, according to CME Group's FedWatch tool.
At 11:05 a.m. ET (1505 GMT), the Dow Jones industrial average was down 32.12 points, or 0.18 percent, at 18,190.91, the S&P 500 was down 6.02 points, or 0.28 percent, at 2,145.31 and the Nasdaq Composite was down 17.97 points, or 0.34 percent, at 5,291.86.
Nine of the 11 major S&P sectors were lower, with the materials index's 1.03 percent fall leading the decliners. Sherwin-Williams fell 10 percent and weighed the most on the index.
The consumer discretionary sector also fell 0.94 percent as poor results from Sherwin-Williams weighed on Home Depot and Lowe's.
Apple, which is scheduled to report results after the close of the bell, slipped 0.12 percent to $117.49.
Procter & Gamble rose 4.5 percent to $87.89 after reporting a better-than-expected quarterly profit.
Oil prices nudged down, retreating from positive territory as traders digested comments from OPEC states about the prospects of an output cut and ahead of U.S. crude inventory data.
Under Armour fell 13.9 percent to $32.58 after the sportswear maker reported its slowest quarterly sales growth in six years.
Declining issues outnumbered advancing ones on the NYSE by 1,841 to 955. On the Nasdaq, 1,762 issues fell and 750 advanced.
The S&P 500 index showed 10 new 52-week highs and seven new lows, while the Nasdaq recorded 48 new highs and 36 new lows. (Reporting by Tanya Agrawal; Editing by Don Sebastian)