US open: Stocks trade lower as traders thumb over earnings

Wall Street stocks traded lower early on Tuesday as traders digested an onslaught of earnings from some of the nation's biggest firms.

As of 1525 GMT, the Dow Jones Industrial Average was down 0.46% at 33,474.05, while the S&P 500 slipped 0.56% to 3,997.31 and the Nasdaq Composite came out the gate 0.49% weaker at 11,308.57.

The Dow opened 155.51 points lower on Tuesday, taking a bite out of gains recorded in the previous session.

Market participants were paying close attention to corporate earnings again on Tuesday, with 3M posting quarterly earnings that fell short of expectations and announcing that it will cut approximately 2,500 jobs.

Elsewhere, Lockheed Martin issued disappointing full-year guidance despite beating Wall Street estimates with its fourth-quarter earnings, while Johnson & Johnson increased its full-year earnings guidance, helped by strong demand for its cancer drugs.

Raytheon Technologies topped earnings estimates but missed revenue guidance, General Electric surpassed fourth-quarter earnings but issued a weaker-than-expected full-year guidance, and Verizon revealed that it had added 217,000 postpaid phone connections during the quarter, driven by gains in its consumer unit.

Microsoft will also issue an update on its most recent trading quarter after the close.

Also in focus, an apparent technical issue briefly halted trading in dozens of stocks on the New York Stock Exchange shortly after the opening bell. Morgan Stanley, Verizon, AT&T, Nike, and McDonald's were all impacted by the issue, according to the NYSE. Many stocks saw abnormally large moves at the open, which could have potentially triggered volatility halts.

On the macro front, a flash reading of S&P Global's manufacturing PMI revealed an increase to 46.8 in January, up from 46.2 in December and beating market forecasts of 46 but still pointing to the second-fastest contraction in factory activity since May 2020. The services PMI increased to 46.6 in January, up from 44.7 at the end of 2022 and above market expectations of 45.0, while the composite PMI rose to 46.6 in January from 45.0 in the previous month, pointing to a seventh consecutive month of contraction in the country's private sector but the slowest since last October.

On another note, the Richmond Federal Reserve's manufacturing index decreased to -11 in January, down from a reading of 1 in December 2022.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $157.91 1.31%
Travelers Company Inc. (TRV) $188.14 0.96%
Apple Inc. (AAPL) $142.06 0.67%
JP Morgan Chase & Co. (JPM) $138.19 0.67%
Walt Disney Co. (DIS) $106.13 0.42%
Visa Inc. (V) $225.07 0.40%
Walmart Inc. (WMT) $143.01 0.26%
Unitedhealth Group Inc. (UNH) $487.04 0.25%
Johnson & Johnson (JNJ) $168.61 0.18%
American Express Co. (AXP) $154.25 0.16%

Dow Jones - Fallers

3M Co. (MMM) $116.30 -5.15%
Walgreens Boots Alliance, Inc. (WBA) $35.92 -2.06%
Merck & Co. Inc. (MRK) $108.65 -1.12%
Dow Chemical Co. (DOW) $57.40 -1.09%
Verizon Communications Inc. (VZ) $39.21 -1.06%
Amgen Inc. (AMGN) $258.93 -0.78%
McDonald's Corp. (MCD) $267.24 -0.76%
Procter & Gamble Co. (PG) $140.15 -0.64%
Caterpillar Inc. (CAT) $251.46 -0.49%
Nike Inc. (NKE) $127.76 -0.41%

S&P 500 - Risers

PACCAR Inc. (PCAR) $105.83 3.50%
Nektar Therapeutics (NKTR) $2.30 2.46%
Northrop Grumman Corp. (NOC) $461.71 2.40%
Norwegian Cruise Line Holdings Ltd (NCLH) $15.84 2.03%
CenturyLink Inc. (LUMN) $5.25 1.94%
Synchrony Financial (SYF) $35.22 1.92%
Charles Schwab Corp. (SCHW) $79.13 1.79%
Molson Coors Beverage Co. Class B (TAP) $50.98 1.78%
Dollar Tree Inc (DLTR) $153.57 1.71%
Fortinet Inc. (FTNT) $51.35 1.66%

S&P 500 - Fallers

3M Co. (MMM) $116.30 -5.15%
Zions Bancorporation (ZION) $51.03 -3.08%
Avery Dennison Corp. (AVY) $186.32 -2.91%
Union Pacific Corp. (UNP) $204.02 -2.91%
Thermo Fisher Scientific Inc. (TMO) $588.21 -2.75%
Sealed Air Corp. (SEE) $52.38 -2.62%
Danaher Corp. (DHR) $269.96 -2.54%
Apache Corp. (APA) $44.41 -2.09%
Walgreens Boots Alliance, Inc. (WBA) $35.92 -2.06%
Packaging Corp. Amer (PKG) $129.40 -2.01%

Nasdaq 100 - Risers

PACCAR Inc. (PCAR) $105.83 3.50%
Tesla Inc (TSLA) $146.22 1.72%
Dollar Tree Inc (DLTR) $153.57 1.71%
Align Technology Inc. (ALGN) $255.51 1.64%
Biomarin Pharmaceutical Inc. (BMRN) $113.09 1.47%
QUALCOMM Inc. (QCOM) $132.81 1.36%
Nvidia Corp. (NVDA) $194.31 1.24%
Booking Holdings Inc. (BKNG) $2,430.86 1.22%
Qurate Retail Inc. (QRTEA) $2.28 1.11%
Netflix Inc. (NFLX) $360.96 0.99%

Nasdaq 100 - Fallers

Walgreens Boots Alliance, Inc. (WBA) $35.92 -2.06%
DENTSPLY Sirona Inc. (XRAY) $36.88 -1.42%
Asml Holdings N.V. (ASML) $666.51 -1.41%
Intuit Inc. (INTU) $404.56 -1.33%
CSX Corp. (CSX) $31.67 -1.20%
eBay Inc. (EBAY) $47.16 -1.05%
Hologic Inc. (HOLX) $80.87 -0.93%
Gilead Sciences Inc. (GILD) $82.52 -0.85%
Activision Blizzard Inc. (ATVI) $74.61 -0.82%
Cintas Corp. (CTAS) $434.22 -0.81%