Mixed Earnings News Contributing To Lackluster Performance On Wall Street

Stocks are turning in a lackluster performance during trading on Tuesday, with the major averages bouncing back and forth across the unchanged line after ending the previous session modestly higher.

After ending Monday’s trading at a new record closing high, the Dow is down 118.36 points or 0.3 percent at 37,883.45. The S&P 500 is down 0.27 points or less than a tenth of a percent at 4,850.16, while the Nasdaq is up 12.33 points or 0.1 percent at 15,372.62.

The choppy trading on Wall Street partly reflects a mixed reaction to the latest earnings news from several big-name companies.

The dip by the Dow partly reflects a steep drop by shares of 3M (MMM), with the conglomerate plunging by 10.7 percent after reporting better than expected fourth quarter earnings but providing disappointing guidance.

Healthcare giant Johnson & Johnson (JNJ) has also moved to the downside despite reporting better than expected fourth quarter results.

Meanwhile, shares of Verizon (VZ) have moved sharply higher after the telecom giant reported fourth quarter results that exceeded analyst estimates on both the top and bottom lines.

Consumer products giant Procter & Gamble (PG) has also surged after reporting better than expected fiscal second quarter earnings.

Streaming giant Netflix (NFLX) and chipmaker Texas Instruments (TXN) are among the companies due to report their quarterly results after the close of trading.

Traders may also be reluctant to make significant moves ahead of the release of several key U.S. economic reports in the coming days.

Sector News

Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.

Airline stocks have shown a substantial move to the upside, however, with the NYSE Arca Airline Index soaring by 3.7 percent.

United Airlines (UAL) has helped lead the sector higher, spiking by 5.0 percent after reporting fourth quarter results that exceeded analyst estimates on both the top and bottom…