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Stocks are turning in a lackluster performance during trading on Tuesday, with the major averages bouncing back and forth across the unchanged line after ending the previous session modestly higher.<\/p>\n
After ending Monday’s trading at a new record closing high, the Dow is down 118.36 points or 0.3 percent at 37,883.45. The S&P 500 is down 0.27 points or less than a tenth of a percent at 4,850.16, while the Nasdaq is up 12.33 points or 0.1 percent at 15,372.62.<\/p>\n
The choppy trading on Wall Street partly reflects a mixed reaction to the latest earnings news from several big-name companies.<\/p>\n
The dip by the Dow partly reflects a steep drop by shares of 3M (MMM), with the conglomerate plunging by 10.7 percent after reporting better than expected fourth quarter earnings but providing disappointing guidance.<\/p>\n
Healthcare giant Johnson & Johnson (JNJ) has also moved to the downside despite reporting better than expected fourth quarter results.<\/p>\n
Meanwhile, shares of Verizon (VZ) have moved sharply higher after the telecom giant reported fourth quarter results that exceeded analyst estimates on both the top and bottom lines.<\/p>\n
Consumer products giant Procter & Gamble (PG) has also surged after reporting better than expected fiscal second quarter earnings.<\/p>\n
Streaming giant Netflix (NFLX) and chipmaker Texas Instruments (TXN) are among the companies due to report their quarterly results after the close of trading.<\/p>\n
Traders may also be reluctant to make significant moves ahead of the release of several key U.S. economic reports in the coming days.<\/p>\n
Sector News<\/p>\n
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets<\/span>.<\/p>\n Airline stocks have shown a substantial move to the upside, however, with the NYSE Arca Airline Index soaring by 3.7 percent.<\/p>\n United Airlines (UAL) has helped lead the sector higher, spiking by 5.0 percent after reporting fourth quarter results that exceeded analyst estimates on both the top and bottom lines.<\/p>\n Considerable strength is also visible among oil service stocks, as reflected by the 1.6 percent gain being posted by the Philadelphia Oil Service Index.<\/p>\n Industry giant Halliburton (HAL) is posting a strong gain after reporting fourth quarter earnings that exceeded analyst estimates.<\/p>\n Gold and steel stocks are also seeing notable strength, while housing stocks have moved sharply lower, dragging the Philadelphia Housing Sector Index down by 3.9 percent.<\/p>\n Shares of D.R. Horton (DHI) have plunged by 8.9 percent after the homebuilder reported fiscal first quarter earnings below analyst estimates.<\/p>\n Other Markets<\/p>\n In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday, although Japan’s Nikkei 225 Index bucked the uptrend and edged down by 0.1 percent. China’s Shanghai Composite Index rose by 0.5 percent, while Hong Kong’s Hang Seng Index surged by 2.6 percent.<\/p>\n Meanwhile, the major European markets are turning in a lackluster performance on the day. While the U.K.’s FTSE 100 Index is up by 0.1 percent, the German DAX Index is just below the unchanged line and the French CAC 40 Index is down by 0.2 percent.<\/p>\n In the bond market, treasuries have moved back to the downside following the rebound seen on Monday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.4 basis points at 4.138 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n