By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market moved lower on
Tuesday amid disappointing earnings from retailers such as Staples
Inc. and Dick's Sporting Goods, Inc. The mood on Wall Street was
cautious, with investors turning to defensive sectors stocks.
The S&P 500 (SPX) was 5 points, or 0.3%, lower at 1,880.30.
The Dow Jones Industrial Average (DJI) lost 55 points, or 0.3%, to
16,457.825. The Nasdaq Composite (RIXF) slid 17 points, or 0.4%, to
4,108.79.
Follow MarketWatch's live blog of today's stock-market
action.
Retail sector in focus after Staples, Home Depot results
The retail sector was in focus after several earnings releases
before the opening bell. The SPDR S&P 500 Retail ETF was down
2%.
Shares of Staples Inc. (SPLS) were hit, losing 10% after the
office-supplies seller reported adjusted first-quarter profit of 18
cents a share came in below expectations of 21 cents a share.
The home-improvement chain Home Depot's shares (HD) rose 2.1%
even as the company's quarterly results missed expectations.
Rival Lowe's Cos.(LOW) shares were also up 1.1%. The retailer is
scheduled to report results on Wednesday.
Dick's Sporting Goods Inc. (DKS) shares tumbled 15% as the
company cut its 2014 earnings forecast, citing ongoing weakness in
the golf and hunting segments.
TJX Cos. (TJX), a clothing and home furnishings seller, shares
fell 4.9% after the company's revenue growth outlook came in below
Wall Street's expectations.
Urban Outfitters Inc. (URBN) fell 5.4%, stretching losses from
Monday evening after the specialty retailer's quarterly results
missed Wall Street's projections.
After market close, business-software maker Salesforce.com (CRM)
is expected to post earnings of 10 cents a share for its first
quarter.
The heavy run of appearances this week by Federal Reserve
officials will continue Tuesday. Philadelphia Fed President Charles
Plosser at 12:30 p.m. Eastern Time is expected to talk about the
economic outlook at a gathering hosted by Women in Housing &
Finance Inc. Plosser, a voting member of the Fed policy committee
this year, has called for the Fed to wind down its bond-buying
program soon.
At 1 p.m. Eastern Time, New York Fed President William Dudley
will speak at the New York Association for Business Economics. The
president of the New York Fed is always a voting member of the
policy committee.
Gold pulls back, Japanese stocks rise
Ahead of trading on Wall Street, Japanese stocks snapped a
four-session losing streak. European stocks struggled for
direction, with Stoxx Europe 600 weighed in part by a decline in
Vodafone shares (VOD) after the telecom company posted a decline in
full-year operating profit.
In the resources sector, gold futures (GCM4) ticked up $1, but
were still below the $1,300-an-ounce level, and crude oil (CLM4)
was mostly unchanged at $102.05. The ICE dollar index (DXY) rose to
80.035 from 79.935 late Monday.
More news from MarketWatch:
Don't bet on a summer rally this or any other year
5 dividend stocks that may be safer than Treasurys
Pinterest, Uber -- '$10 billion is the new $1 billion'
Subscribe to WSJ: http://online.wsj.com?mod=djnwires