FOX Business: Capitalism Lives Here
The S&P 500 receded from record levels on Tuesday as traders analyzed a slew of corporate earnings, and geared up for more after the closing bell.
As of 12:26 p.m. ET, the Dow Jones Industrial Average climbed 26.8 points, or 0.17%, to 15572, the S&P 500 dipped 1.7 points, or 0.1%, to 1694 and the Nasdaq Composite declined 11.8 points, or 0.33%, to 3589.
The S&P 500 notched yet another record high as traders have grown more optimistic about earnings and global central banks signal a willingness to keep easy-money policies in place for a long time to come.
With earnings season in high gear, a slew of big-name companies reported earnings on the day. Texas Instruments (TXN) unveiled slightly better-than-expected profits after the closing bell Monday, but sales that were shy of expectations. Netflix (NFLX) also posted mixed results, and worrisome subscriber figures sent the stock plummeting.
Ahead of the start of trading in New York, DuPont (DP) revealed slightly better-than-expected bottom-line results, but disappointing sales figures. The biggest U.S. chemical company said it could sell its paint pigment business as it looks to lean itself out.
Travelers' (TRV) quarterly profits and sales handily beat expectations, sending shares jumping. Meanwhile, United Technologies (UTX) weighed in with a profit beat, but a sales miss. Lockheed Martin (LMT) posted a quarterly beat, and upped its full-year forecast sending its shares climbing.
The economic calendar is bare on the day. However, it fills up later in the week with housing, manufacturing and consumer sentiment reports all on tap.
Commodity markets were broadly lower. The benchmark U.S. crude oil contract dipped 72 cents, or 0.67%, to $106.22 a barrel. Wholesale New York Harbor gasoline fell 0.65% to $3.035 a gallon. In metals, gold slumped $9.20, or 0.69%, to $1,328 a troy ounce.
The Euro Stoxx 50 climbed 0.52% to 2739, the English FTSE 100 rose 0.26% to 6640 and the German DAX gained 0.25% to 8352.
In Asia, the Japanese Nikkei 225 jumped 0.82% to 14779 and the Chinese Hang Seng soared 2.3% to 21915.