U.S. stock opened slightly lower on Tuesday, as investors weighed in corporate results and more economic data, after another record close for the S&P 500 on Monday.
Pfizer Inc. fell 2.2%, pulling the Dow lower, after the drug manufacturer reported first-quarter earnings that missed Wall Street estimates. Apple Inc. shares gained 1.6% after the iPhone maker detailed a six-part bond offering in a regulatory filing on Tuesday.
Aetna Inc. reported Tuesday a slight drop in first-quarter earnings, but the health insurer raised its full-year operating earnings estimate.
The Dow Jones Industrial Average slipped 0.53% or 77.10 points to 14741.50 points. The S&P 500 index dropped 0.28% or 4.51 points to 1589.10. The NASDAQ composite index dropped 0.08% to 3304.22. As of 10:09 New York Time
Economic reports had the S&P/Case-Shiller home-price index rising 0.3% in February, and up 9.3% year-over-year, while a gauge of manufacturing in the Chicago area slid to a more-than three-year low in April and indicated a contraction.
However, another report showed U.S. consumer confidence rebound in April, above analysts’ forecasts, in addition to a rise in the indices for present and futures situations.
The Federal Open Market Committee will begin its two-day monetary policy meeting on Tuesday, with a decision slated for Wednesday. With inflation below the Fed’s 2% target, and data last week showing the U.S. economy growing less than expected in the first quarter, the FOMC is expected to keep its bond-buying program at $85 billion a month.
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