US close: Stocks end lower as investors digest data, earnings
US stocks fell on Tuesday as investors digested economic data and quarterly earnings.
The Dow Jones Industrial Average ended down 0.5%, the S&P 500 fell 0.6% and the Nasdaq closed 0.9% lower.
Oil prices settled lower following a choppy session. West Texas Intermediate was down 1% at $39.66 a barrel and Brent crude was off 0.5% at $41.92.
On the macroeconomic front, the personal consumption expenditure index, the Federal Reserve’s preferred inflation barometer, increased 0.9% year-on-year in June, unchanged from in the prior month and in line with expectations. The annual rate of core inflation was flat at 1.6%, as expected. The Federal Reserve is targeting 2% inflation.
Personal spending rose 0.4% in June, beating estimates of 0.4% growth, while personal incomes climbed 0.2%, missing forecasts for a 0.3% increase.
The data came ahead of Friday’s all-important non-farm payrolls report. Analysts believe the Fed needs to see a strong jobs report and upbeat economic data before raising interest rates.
Dallas Federal Reserve Bank President Robert Kaplan on Tuesday urged caution on trying to increase rates amid global risks that could affect the US.
"I am closely monitoring how slowing growth, high levels of overcapacity and high levels of debt to GDP in major economies outside the US might be impacting economic conditions in the US," Kaplan said at an event in Beijing.
In corporate news, Procter & Gamble Co. advanced after reporting quarterly earnings and revenue that surpassed expectations.
Mallinckrodt surged after the pharmaceutical manufacturer reported better-than-expected third quarter results.
CVS Health Corp. gained after the drugstore operator’s earnings per share in the second quarter beat estimates.
On the downside, Ford Motor slumped after reporting a drop in US vehicle sales in July, while Delta Airlines flew lower after it posted a decline in revenue in July .
Pfizer Inc. slid despite reporting quarterly results that exceeded expectations.
S&P 500 - Risers
Mallinckrodt Plc Ordinary Shares (MNK) $76.91 +14.16%
Biogen Inc (BIIB) $330.11 +9.37%
Dun & Bradstreet Corp. (DNB) $138.37 +7.59%
Discovery Communications Inc. Class A (DISCA) $26.42 +6.66%
Williams Companies Inc. (WMB) $23.96 +6.35%
Discovery Communications Inc. Class C (DISCK) $25.41 +5.04%
CVS Health Corp (CVS) $98.06 +4.89%
Amerisource Bergen Corp. (ABC) $89.43 +4.55%
Newmont Mining Corp. (NEM) $45.86 +3.85%
Teradata Corp. (TDC) $29.42 +3.63%
S&P 500 - Fallers
Kohls Corp. (KSS) $37.87 -7.95%
Delta Airlines Inc. (DAL) $36.39 -7.83%
Macy's Inc. (M) $32.76 -7.25%
Nordstrom Inc. (JWN) $40.74 -6.86%
Staples Inc. (SPLS) $8.76 -6.41%
Royal Caribbean Cr (RCL) $67.35 -6.28%
United Continental Holdings Inc. (UAL) $44.40 -6.25%
AutoNation Inc. (AN) $48.74 -5.94%
American Airlines Group (AAL) $33.51 -5.87%
Seagate Technology Plc (STX) $30.65 -5.49%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $87.04 +1.37%
Chevron Corp. (CVX) $99.59 +0.48%
Procter & Gamble Co. (PG) $86.76 +0.41%
Travelers Company Inc. (TRV) $117.03 +0.19%
Coca-Cola Co. (KO) $43.53 +0.18%
3M Co. (MMM) $178.36 +0.04%
Visa Inc. (V) $78.28 +0.03%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $36.39 -2.47%
Apple Inc. (AAPL) $104.48 -1.48%
Goldman Sachs Group Inc. (GS) $156.06 -1.34%
Boeing Co. (BA) $131.60 -1.21%
Home Depot Inc. (HD) $137.22 -1.12%
American Express Co. (AXP) $63.47 -1.03%
Verizon Communications Inc. (VZ) $54.00 -0.92%
E.I. du Pont de Nemours and Co. (DD) $68.73 -0.89%
Nike Inc. (NKE) $54.92 -0.88%
Wal-Mart Stores Inc. (WMT) $73.13 -0.88%
Nasdaq 100 - Risers
Biogen Inc (BIIB) $330.11 +9.37%
Discovery Communications Inc. Class A (DISCA) $26.42 +6.66%
Discovery Communications Inc. Class C (DISCK) $25.41 +5.04%
Endo International Plc (ENDP) $17.11 +1.36%
Vertex Pharmaceuticals Inc. (VRTX) $99.14 +0.96%
Symantec Corp. (SYMC) $20.68 +0.63%
Twenty-First Century Fox Inc Class A (FOXA) $26.69 +0.26%
Regeneron Pharmaceuticals Inc. (REGN) $434.90 +0.21%
Electronic Arts Inc. (EA) $76.78 +0.20%
Vodafone Group Plc ADS (VOD) $30.78 +0.10%
Nasdaq 100 - Fallers
Dish Network Corp. (DISH) $49.19 -8.02%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $39.76 -6.36%
American Airlines Group (AAL) $33.51 -5.87%
Seagate Technology Plc (STX) $30.65 -5.49%
Citrix Systems Inc. (CTXS) $83.47 -3.64%
CA Inc. (CA) $33.60 -3.59%
Bed Bath & Beyond Inc. (BBBY) $43.58 -3.26%
Autodesk Inc. (ADSK) $57.87 -3.13%
Nxp Semiconductors Nv (NXPI) $81.85 -2.83%
Liberty Media Corporation - Class A (LMCA) $21.84 -2.63%