By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks moved lower on Tuesday as
investors digested earnings beats and misses, but kept their
attention firmly focused on Apple Inc.'s hotly anticipated product
event later in the day.
The S&P 500 (SPX) was 9 points, or 0.5%, at 1,992.24. The
Dow Jones Industrial Average (DJI) dropped 94 points, or 0.6%, to
17,018.50 at the open. The Nasdaq Composite (RIXF) lost 18 points,
or 0.4%, to 4,573.52.
"The S&P 500 continues to consolidate around the technical
resistance level of 2,000 and it could do so for a while," said
Randy Frederick, managing director of trading & derivatives at
Schwab Center for Financial Research.
"We are also at a juncture where stocks are fairly priced, not
too expensive, but not too cheap either. In the absence of earnings
news or major economic data, it is not unusual to see sideways
moves," he added.
Among economic news, small-business sentiment in August nudged
up to its second-highest reading since October 2007, a trade group
said Tuesday. July job openings ticked down to 4.67 million from to
4.68 million in June. Also read: Michael Sincere on why this stock
market will never go down
Stocks to watch: The iPhone maker (AAPL) will hold its product
event at 10 a.m. PDT (1 p.m. Eastern) near its headquarters in
Cupertino, Calif. The unveiling of the newest version of its
flagship phone and a new iWatch wearable device are among the
things that could help boost shares of Apple. Also read: Tim
Mullaney on why Apple exemplifies everything that's wrong about
Silicon Valley.
McDonald's (MCD) said global comparable sales fell 3.7% in
August and blamed "several headwinds" for the decline. The
fast-food restaurant chain also warned that problems with a
supplier in China will hurt third-quarter results. Also read: The
secret to a long life? Fast food
Shares of Annie's Inc.(BNNY) rose 37%, on the heels of a similar
late-session rally after General Mills Inc. (GIS) offered to buy
the organic-foods company for $820 million in cash.
Shares of Pinnacle Foods Inc.(PF) fell 4.3% after the
packaged-foods company said some shareholders tied primarily to
investment firm Blackstone will sell 15 million common shares.
Barnes & Noble Inc. (BKS) shares reversed losses made
immediately in the wake of the bookseller's quarterly results. They
were up 2.6%. Same-store sales fell by more than expected, but the
loss was not as large as expected. Read about more of the day's
notable stock moves here.
Other markets:The yield on the 10-year Treasurys(10_YEAR) rose 3
basis points to 2.5%, its highest since the beginning of August on
a closing basis. Brent crude oil prices held steady at $100 a
barrel, while the dollar charted new highs against the yen (USDJPY)
and the euro (EURUSD). Europe stocks posted mild losses, while Asia
markets saw mostly modest gains.
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