Disappointing quarterly earnings weigh on Wall Street.
US stocks finished lower on Tuesday, as investors weighed disappointing quarterly earnings amid geopolitical tensions overseas.
The large-cap S&P 500 Index (NYSEARCA:SPY) declined 0.3% to close at 2,342.19. Seven of 11 sectors finished in negative territory, with financials, energy and healthcare leading the decline.
The Dow Jones Industrial Average (NYSEARCA:DIA) fell 0.6% to 20,523.28.
Dow blue-chips Goldman Sachs Group Inc. (NYSEARCA:GS) and Johnson & Johnson (NYSEARCA:JNJ) reported first quarter results that were below analysts’ median forecast. Goldman reported weaker top and bottom line results, while Johnson & Johnson posted smaller than expected revenues.
The technology-heavy Nasdaq Composite Index (NYSEARCA:QQQ) also fell 0.1% to close at 5,849.47.
The CBOE VIX (NYSEARCA:VXX), a measure of implied volatility, declined slightly on Tuesday. The volatility gauge closed down 1.6% to 14.42, its second consecutive drop. Volatility spiked last week as the S&P 500 fell to two-month lows.
European stocks posted their biggest drop in five months after UK Prime Minister Theresa May unexpectedly called for an early parliamentary election. Britons will be heading to the polls on June 8 to decide whether to give the Conservative government a stronger mandate in upcoming Brexit negotiations.
In economic news, US industrial production rose 0.5% in March, matching a median estimate of analysts, the Federal Reserve said on Tuesday. However, the gains were driven almost entirely by utilities, with manufacturing output declining 0.4%.
The Final Word: Earnings season will ramp up over the next two weeks, giving investors plenty of market catalysts. Geopolitics will continue to dominate the spotlight as markets eye the upcoming French election.