US close: Markets finish mixed ahead of FOMC

US stocks closed mixed and relatively flat on Tuesday as the avalanche of earnings continued and investors awaited the outcome of the Federal Reserve’s two-day policy meeting on Wednesday.

The Dow Jones Industrial Average finished down 0.1%, while the S&P 500 was 0.03% higher and the Nasdaq added 0.13%.

Investors waded through a veritable deluge of earnings news.

DuPont was 0.41% in the black after the chemicals and seeds producer posted an 8.5% increase in second-quarter profit.

United Technologies was also on the front foot by 3.13% after it reported a decline in second-quarter profit but lifted its guidance for the year.

Caterpillar gained ground, adding 5.16% on better-than-expected second-quarter numbers, although it cut its outlook for 2016 sales and profits.

Starwood Hotels was up 0.54% after saying it swung to a loss in the second quarter.

On the downside, McDonald’s shares were 4.47% under the cosh after the company’s second-quarter sales growth in the US failed to impress.

Under Armour finished down 5.12% having rallied earlier, after the sports clothing retailer posted a drop in second-quarter earnings that met expectations.

Verizon Communications edged 1.9% lower following mixed second-quarter earnings, while 3M slipped after it posted a drop in quarterly profit and cut its outlook for 2016.

After the closing bell, market participants were eyeing third-quarter results from technology giant Apple, with analysts expecting earnings of $1.39 per share, down from $1.85 the year before. Meanwhile, revenue has been pencilled in at $42.1bn versus $49.6bn a year earlier.

The Federal Reserve’s rate announcement is due on Wednesday. Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: “We expect the Fed to maintain the status quo and to join the wait-and-see camp amid post-Brexit uncertainties.

“The FOMC will likely emphasise the importance of future economic data and deliver a dovish accompanying statement to grant its support to the markets. The S&P500 and the Dow could surf on a fresh wave of cheap money, should the Fed leaves the punchbowl on the table.”

On the data front, house prices in the US rose less than expected in May, according to the S&P/Case-Shiller National Home Price Index.

The S&P/Case-Shiller 20-City Composite index was up 5.2%, down from a 5.4% increase in April and missing consensus expectations for 5.5% growth.

Portland, Seattle and Denver reported the highest year-over-year gains among the 20 cities over each of the last four months.

In May, Portland led the way with a 12.5% year-over-year price increase, followed by Seattle at 10.7%, and Denver with a 9.5% increase.

Dow Jones - Risers

Caterpillar Inc. (CAT) $82.75 5.16%
United Technologies Corp. (UTX) $107.89 3.10%
Boeing Co. (BA) $134.85 1.44%
Intel Corp. (INTC) $35.09 1.15%
JP Morgan Chase & Co. (JPM) $64.12 0.41%
E.I. du Pont de Nemours and Co. (DD) $69.18 0.41%
Goldman Sachs Group Inc. (GS) $161.11 0.40%
Cisco Systems Inc. (CSCO) $30.88 0.29%
Johnson & Johnson (JNJ) $125.14 0.21%
Home Depot Inc. (HD) $136.75 0.18%

Dow Jones - Fallers

McDonald's Corp. (MCD) $121.71 -4.47%
Verizon Communications Inc. (VZ) $54.81 -1.90%
Coca-Cola Co. (KO) $44.88 -1.51%
Nike Inc. (NKE) $56.37 -1.35%
3M Co. (MMM) $177.66 -1.10%
Exxon Mobil Corp. (XOM) $91.53 -0.73%
Walt Disney Co. (DIS) $96.69 -0.72%
Apple Inc. (AAPL) $96.67 -0.69%
Procter & Gamble Co. (PG) $85.27 -0.62%
Visa Inc. (V) $78.49 -0.57%

S&P 500 - Risers

Linear Technology Corp. (LLTC) $62.49 28.93%
Texas Instruments Inc (TXN) $71.42 7.85%
United States Steel Corp. (X) $22.95 7.70%
Wynn Resorts Ltd. (WYNN) $103.47 6.22%
Avery Dennison Corp. (AVY) $76.38 5.69%
Microchip Technology Inc. (MCHP) $57.34 5.66%
Micron Technology Inc. (MU) $14.67 5.39%
Caterpillar Inc. (CAT) $82.75 5.16%
Masco Corp. (MAS) $35.85 4.73%
Valero Energy Corp. (VLO) $52.67 4.73%

S&P 500 - Fallers

Centene Corp. (CNC) $68.87 -8.49%
Gilead Sciences Inc. (GILD) $81.05 -8.47%
TEGNA Inc (TGNA) $23.00 -8.00%
Under Armour Inc. Class A (UA) $41.36 -5.12%
McDonald's Corp. (MCD) $121.71 -4.47%
Reynolds American Inc. (RAI) $50.00 -4.42%
T. Rowe Price Group Inc. (TROW) $70.55 -4.26%
Darden Restaurants Inc. (DRI) $60.72 -3.83%
Molson Coors Brewing Co. Class B (TAP) $98.11 -3.02%
Eastman Chemical Co. (EMN) $69.99 -2.94%

Nasdaq 100 - Risers

Linear Technology Corp. (LLTC) $62.49 28.93%
Texas Instruments Inc (TXN) $71.42 7.85%
Micron Technology Inc. (MU) $14.67 5.39%
Maxim Integrated Products Inc. (MXIM) $40.91 5.38%
Sirius XM Holdings Inc (SIRI) $4.35 4.82%
Nxp Semiconductors Nv (NXPI) $87.90 4.71%
PACCAR Inc. (PCAR) $58.36 4.38%
Netflix Inc. (NFLX) $91.41 4.28%
Analog Devices Inc. (ADI) $62.87 3.87%
Seagate Technology Plc (STX) $32.45 3.21%

Nasdaq 100 - Fallers

Gilead Sciences Inc. (GILD) $81.05 -8.47%
Check Point Software Technologies Ltd. (CHKP) $80.53 -3.72%
Endo International Plc (ENDP) $17.34 -2.09%
Activision Blizzard Inc. (ATVI) $41.56 -1.98%
Mylan Inc. (MYL) $46.48 -1.69%
Celgene Corp. (CELG) $106.18 -1.62%
Kraft Heinz Co. (KHC) $87.06 -1.53%
Whole Foods Market Inc. (WFM) $34.11 -1.33%
Charter Communications Inc. (CHTR) $237.98 -1.13%
Mondelez International Inc. (MDLZ) $45.25 -1.11%