U.S. stocks slipped from two-week highs on Tuesday as results and outlooks from companies in various sectors, including housing and consumer products, failed to live up to expectations.
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"Lackluster results from Whirlpool and Sherwin Williams may indicate a slowing in the housing cycle," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
She said those results could be weighing on Home Depot
But overall, annualized third-quarter earnings from S&P 500 companies are expected to have risen 1.7 percent, effectively putting an end to an earnings recession, 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.
The Dow Jones industrial average <.DJI> was off 45.71 points, or 0.25 percent, to 18,177.32, the S&P 500 <.SPX> lost 7.49 points, or 0.35 percent, to 2,143.84 and the Nasdaq Composite <.IXIC> dropped 28.13 points, or 0.53 percent, to 5,281.70.
Consumer products company Procter & Gamble
Declining issues outnumbered advancing ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 2.16-to-1 ratio favored decliners.
The S&P 500 posted 11 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 57 new highs and 71 new lows.
(Reporting by Rodrigo Campos; Editing by Dan Grebler)