US close: Stocks lower in run up to quarterly results, international markets weaker
US stocks closed lower on Tuesday, retreating from two sessions of gains in anticipation of underwhelming corporate quarterly results and weaker international markets.
The Dow Jones Industrial Average closed 200 points lower at 17,776, while the S&P 500 and the Nasdaq closed nine and 18 points down at 2,068 and 4,9 respectively.
Analysts said that some investors were reconsidering their investments on speculation that quarterly results could disappoint. “Investors are anxiously awaiting earnings reports over the next few weeks, hoping they are not as bad as feared. With markets trading near recent highs, a lot is at stake,” said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management.
European stocks slid after data showed Eurozone unemployment remained above expectations at 11.3% in February, after upward revisions to the prior month, while Asian stocks endured a choppy session, with the Nikkei 225 and the Shanghai Composite Index both falling 1%.
In data news, US house prices remained steady in January, according to the S&P/Case-Shiller 20-city index released on Tuesday. On a seasonally adjusted basis, prices grew 0.9%, while they rose 4.6% year-on-year.
The Chicago business barometer, known as the Chicago PMI, rose in March, but still came in below the key 50 level, an indication that businesses are contracting.
Meanwhile, consumer confidence index jumped to 101.3 in March from 98.8 in February.
However, the key report for the week will be Friday's jobs report, although investors will also want to keep an eye on Wednesday's ADP private payrolls report and Thursday's weekly jobless claims.
Property giant CBRE Group rose 6.43% after confirming it would buy Johnson Controls' workplace solutions business in a deal worth $1.47bn.
Movado Group surged as it reported better-than-expected fiscal fourth-quarter profits and raised its dividend to 11 cents per share from 10 cents per share.
IT group IBM fell 1.33% after announcing plans to invest $3bn in a new “Internet of Things” business, designed to help customers gather and analyse data from sensor-equipped devices and smartphones.
The dollar jumped 0.74% against the euro and gained 0.11% against the pound but fell just over 0.1% against the yen, while gold futures edged 0.09% higher to $1,185.90.
Oil prices fell in the run up to last-minute talks between Iran and six global powers over Teheran's nuclear programme, while gold prices inched higher.
S&P 500 - Risers
CBRE Group Inc (CBG) $38.71 +6.32%
Kohls Corp. (KSS) $78.25 +2.13%
Western Union Co. (WU) $20.81 +2.01%
Micron Technology Inc. (MU) $27.13 +1.69%
D. R. Horton Inc. (DHI) $28.48 +1.68%
Express Scripts Holding Co (ESRX) $86.77 +1.60%
Harris Corp. (HRS) $78.76 +1.46%
CenturyLink Inc. (CTL) $34.55 +1.44%
Chesapeake Energy Corp. (CHK) $14.16 +1.36%
Teradata Corp. (TDC) $44.14 +1.31%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $4.92 -7.87%
Denbury Resources Inc. (DNR) $7.29 -4.58%
United States Steel Corp. (X) $24.40 -4.09%
Celgene Corp. (CELG) $115.28 -3.95%
Alexion Pharmaceuticals Inc. (ALXN) $173.30 -3.86%
Kraft Foods Group, Inc. (KRFT) $87.13 -3.84%
Frontier Communications Co. (FTR) $7.05 -3.69%
Analog Devices Inc. (ADI) $63.00 -2.79%
Mosaic Company (MOS) $46.06 -2.74%
Avago Technologies Ltd. (AVGO) $126.98 -2.73%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $40.55 +0.10%
American Express Co. (AXP) $78.12 +0.09%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $118.29 -2.24%
Chevron Corp. (CVX) $104.98 -1.80%
Boeing Co. (BA) $150.08 -1.72%
Caterpillar Inc. (CAT) $80.03 -1.65%
Goldman Sachs Group Inc. (GS) $187.97 -1.60%
Apple Inc. (AAPL) $124.43 -1.54%
E.I. du Pont de Nemours and Co. (DD) $71.47 -1.53%
Merck & Co. Inc. (MRK) $57.48 -1.47%
United Technologies Corp. (UTX) $117.20 -1.37%
Travelers Company Inc. (TRV) $108.14 -1.37%
Nasdaq 100 - Risers
Charter Communications Inc. (CHTR) $193.11 +5.30%
Micron Technology Inc. (MU) $27.13 +1.69%
Express Scripts Holding Co (ESRX) $86.77 +1.60%
Priceline Group Inc (PCLN) $1,164.15 +1.25%
Mattel Inc. (MAT) $22.85 +0.88%
QUALCOMM Inc. (QCOM) $69.34 +0.67%
Adobe Systems Inc. (ADBE) $73.94 +0.46%
Bed Bath & Beyond Inc. (BBBY) $76.78 +0.45%
Verisk Analytics Inc. (VRSK) $71.40 +0.34%
Viacom Inc. Class B (VIAB) $68.30 +0.23%
Nasdaq 100 - Fallers
Celgene Corp. (CELG) $115.28 -3.95%
Alexion Pharmaceuticals Inc. (ALXN) $173.30 -3.86%
Kraft Foods Group, Inc. (KRFT) $87.13 -3.84%
Analog Devices Inc. (ADI) $63.00 -2.79%
Avago Technologies Ltd. (AVGO) $126.98 -2.73%
Amgen Inc. (AMGN) $159.85 -2.71%
Vertex Pharmaceuticals Inc. (VRTX) $117.97 -2.71%
Sba Communications Corp. (SBAC) $117.10 -2.57%
Nvidia Corp. (NVDA) $20.92 -2.54%
Gilead Sciences Inc. (GILD) $98.14 -2.53%