US close: Stocks mixed after raft of corporate earnings

US stocks finished mixed on Tuesday as investors waded through a batch of corporate earnings from the likes of Johnson & Johnson and Lockheed Martin.

The Dow Jones Industrial rose 0.14% but US stocks wavered on Tuesday as investors weighed corporate earnings from the likes to Goldman Sachs, Netflix and Yahoo.

At 1435 BST, the Dow Jones Industrial rose 0.02% but the S&P 500 and the Nasdaq dropped 0.14% and 0.38%, respectively.

At the same time oil prices were under pressure with Brent crude down 0.53% to $46.71 per barrel but West Texas Intermediate down 1.2% to $44.66 per barrel.

Johnson & Johnson advanced as the healthcare company raised its guidance for the year after reporting quarterly earnings that topped expectations.

Lockheed Martin edged higher after the government contractor reported sales and earnings for the second quarter that was stronger than expected.

International Business Machines Corp. snapped an earlier rally after the tech giant reported better-than-expected quarterly earnings and revenue.

Goldman Sachs shares reversed an earlier increase after reporting second quarter earnings and revenue that beat expectations.

Netflix was under the cosh after the video streaming service added fewer subscribers than expected in the three months to June.

Shares of Yahoo Inc. rebounded after the internet company’s adjusted second quarter earnings trailed estimates. The internet company gave no update on attempts to sell its core internet business.

Microsoft shares were up as it reported its fourth quarter results after the close with earnings and revenues exceeding expectations.

In economic data, US housing starts rose 4.8% year-on-year to 1.189m in June, smashing forecasts for a 0.2% increase to 1.65m. Building permits climbed 1.5% to 1.153m, compared to estimates for a 1.2% gain to 1.150m.

Meanwhile, geopolitical concerns continued to weigh on global stocks. “The situation in Turkey continues to provide cause for concern, as it becomes more and more apparent that President Erdogan is taking this opportunity to tighten his grip on the country in a way that will concern both the EU and NATO,” said IG’s Chris Beauchamp.