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Stocks on U.S. equities markets lower, ahead of new batch of earnings

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Investing.com -

Investing.com -- Stocks on the U.S. equities markets fell slightly on Tuesday amid late losses among small-cap funds, as investors braced for a fresh batch of earnings reports later this week.

The Dow Jones Industrial Average dipped 5.43 or 0.03% to 17,875.42 to end a two-day winning streak, while the NASDAQ Composite index and the S&P 500 Composite index also inched lower.

The S&P 500 lost 4.29 points or 0.21% to 2,076.33 on Tuesday, as stocks in the Utilities, Telecommunications and Consumer Services sectors lagged. Only two of 10 sectors, the Healthcare and Energy indices, closed in the green. The NASDAQ Composite index, meanwhile, dropped by 7.09 points or 0.14% to 4,910.23.

The top performer on the Dow was Chevron Corporation (NYSE:CVX) which gained 1.72 or 1.61% to 108.64, as crude oil futures moved broadly higher for the second straight day. Exxon Mobil Corporation (NYSE:XOM) also rose 0.7 or 0.82% to 85.83. The worst performer was American Express Company (NYSE:AXP), which fell 1.25 or 1.57% to 78.38. The New York-based credit card company is down more than 8% since it announced in February that it will end its 16-year relationship with Costco (NASDAQ:COST) next year.

The biggest gainer on the NASDAQ was Alexion Pharmaceuticals Inc (NASDAQ:ALXN), which gained 5.27 points or 3.09% to 175.90 after receiving a buy ranking from Standard & Poor's. The Connecticut-based pharmaceutical company is the developer of Soliris, a drug manufactured to treat two rare genetic disorders. The worst performer was Wynn Resorts Limited (NASDAQ:WYNN) which fell 2.62 or 2.00% to 128.10.

FedEx Corporation (NYSE:FDX), gained more than 2.5% after the Memphis-based global services delivery company announced a merger with Dutch rival TNT Express for $4.8 billion. FedEx rose 4.77 points to 171.44 on Tuesday, while TNT Express gained 1.69 or 28.13% to 7.69. The deal will significantly expand FedEx's footprint into the European ground delivery business.

"We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe," FedEx CEO Fred Smith said in a statement. "This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends - especially the continuing growth of global e-commerce - and positions FedEx for greater long-term profitable growth."

FedEx finished just behind Range Resources Corporation (NYSE:RRC) as the top performer on the S&P 500. Range Resources, a Fort Worth-based oil and gas exploration production company, gained 1.71 or 3.13% to 56.38. The worst performer was T Rowe Price Group Inc (NASDAQ:TROW), which fell 3.07 or 3.74% to 79.05.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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