U.S. stocks declined on Tuesday, pushed down by healthcare companies, which started the earnings season on a substandard note.
“Earnings will begin to resolve the recent choppiness and uncertainty in the market, pushing investors one way or another,” stated Andre Bakhos, managing director at Janlyn Capital in Bernardsville.
Overall earnings of S&P 500 companies are anticipated to fall by 0.7 percent in the third quarter, according to data. Oil prices declined 0.9 percent, a day after reaching a one-year high, as investors questioned whether a deal to limit output would be enough to re-stabilize the market by 2017. The dollar .DXY gained 0.53 percent, marking the second consecutive day of increases as investors waged in an 80 percent chance of a rate increase in December, according to the CME Group’s FedWatch tool.
At 9:44 a.m. ET the Dow Jones Industrial Average dropped 69.44 points, or 0.38 percent, at 18,259.6. The S&P 500 declined 8.75 points, or 0.4 percent, at 2,154.91 and the Nasdaq Composite fell 15.58 points, or 0.29 percent, at 5,313.09. All of the 11 major S&P 500 indexes moved lower, with materials leading the decliners the most by 1.08 percent. Declining issues outnumbered advancing ones on the NYSE by 1,968 to 679. On the Nasdaq, 1,548 issues dropped and 685 increased. The S&P 500 index displayed two new 52-week highs and one new lows, while the Nasdaq recorded 20 new highs and 13 new lows.