USA stocks opened mixed Tuesday as investors were digesting a mixed batch of earnings reports and as the Federal Reserve kicked off a two-day meeting on interest rates.
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The broader S&P 500 index fell 2.93 points at 2,172.1, while the Nasdaq slipped 2.52 to 5,097.64.
“Earnings are the key this week, but there’s also the Fed, the Bank of Japan and the Democratic National Convention, so you have a lot of things that go right or wrong”, said John Canally, chief economic strategist at LPL Financial, which oversees about $479 billion in Boston.
In company news, Apple (AAPL.O) shares fell 1.33% after BGC cut the stock to “sell” ahead of the company’s earnings report on Tuesday.
Verizon Communications fell 0.7% and Yahoo shares were down 1.9%. Chesapeake Energy and Devon Energy fell at least 4.4 per cent to pace declines. MCD led 16 of the 30 Dow components lower, giving up 4.5%, while CAT led the 14 winners with its 5.2% gain. Carmike Cinemas Inc. gained 0.6 percent after AMC Entertainment Holdings Inc.
United States stocks ran into a record setting stage in the past two weeks, with both the Dow and the S&P 500 refreshing their closing records seven times for 2016, boosted by upbeat economic data and better-than-expected quarterly results from big companies. The yield on the 10-year Treasury note held steady at 1.57 percent.
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The price of gold fell $3.90 to $1,319.50 an ounce, silver fell 4 cents to $19.65 an ounce and copper fell 2 cents to $2.22 a pound.
