Investing.com – U.S. stocks declined after the open on Tuesday, as weaker-than-expected data on retail sales and downbeat corporate earnings results weighed on market sentiment.
During early U.S. trade, the Dow Jones Industrial Average shed 0.31%; the S&P 500 index declined 0.24%, while the Nasdaq Composite index dipped 0.08%.
Earlier in the day, government data showed that U.S. retail sales rose less-than-expected in January, rising by 0.3%, falling short of expectations for a rise of 0.5%.
Following the report, shares in the world’s largest retailer Wal-Mart fell 0.57%, while wholesale retailer Costco saw shares slip 0.51%.
Meanwhile, shares in satellite-radio operator Sirius XM dropped 5.44% after it posted a fourth quarter loss of USD81.4 million, versus a profit of USD11.8 million a year earlier. Revenue in the quarter totaled USD735.9 million, falling short of market expectations for revenue of USD739.9 million.
The third largest U.S. local-phone service operator Qwest Communications saw shares fall 1.89% after it posted a fourth quarter loss of USD161 million, compared to net income of USD108 million a year earlier.
Shares in optical network service provider JDS Uniphase tumbled 5.61% on profit-taking after rallying 11% to close at a five-year high in the previous session.
Meanwhile, NYSE Euronext, the operator New York stock exchange and Deutsche Boerse, the operator of the Frankfurt exchange planned to release a statement later in the day regarding their merger negotiations and hold a press conference. Shares of NYSE tumbled 4.74% in early trade.
However, U.S. listed shares of British banking giant Barclays soared 6.11% after it said 2010 net profit jumped by 36% to USD5.69 billion, as it took fewer charges for bad loans.
Also Tuesday, shares in steel manufacturer United States Steel Corporation jumped 3.89% after Goldman Sachs upgraded the stock to ‘buy’ and raised its earnings estimate for the company, citing “lower expected costs and higher utilization rates.”
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 added 0.35%, France’s CAC 40 rose 0.38%, Germany's DAX was up 0.12%, while Britain's FTSE 100 dipped 0.22%.
Earlier Tuesday, the New York Federal Reserve’s index of manufacturing conditions rose more-than-expected in February, a separate report showed that U.S. import prices rose more-than-expected in January, while U.S. Treasury International Capital purchases fell unexpectedly in December.
Meanwhile, official data showed that China’s consumer price index rose less-than-expected in January.
During early U.S. trade, the Dow Jones Industrial Average shed 0.31%; the S&P 500 index declined 0.24%, while the Nasdaq Composite index dipped 0.08%.
Earlier in the day, government data showed that U.S. retail sales rose less-than-expected in January, rising by 0.3%, falling short of expectations for a rise of 0.5%.
Following the report, shares in the world’s largest retailer Wal-Mart fell 0.57%, while wholesale retailer Costco saw shares slip 0.51%.
Meanwhile, shares in satellite-radio operator Sirius XM dropped 5.44% after it posted a fourth quarter loss of USD81.4 million, versus a profit of USD11.8 million a year earlier. Revenue in the quarter totaled USD735.9 million, falling short of market expectations for revenue of USD739.9 million.
The third largest U.S. local-phone service operator Qwest Communications saw shares fall 1.89% after it posted a fourth quarter loss of USD161 million, compared to net income of USD108 million a year earlier.
Shares in optical network service provider JDS Uniphase tumbled 5.61% on profit-taking after rallying 11% to close at a five-year high in the previous session.
Meanwhile, NYSE Euronext, the operator New York stock exchange and Deutsche Boerse, the operator of the Frankfurt exchange planned to release a statement later in the day regarding their merger negotiations and hold a press conference. Shares of NYSE tumbled 4.74% in early trade.
However, U.S. listed shares of British banking giant Barclays soared 6.11% after it said 2010 net profit jumped by 36% to USD5.69 billion, as it took fewer charges for bad loans.
Also Tuesday, shares in steel manufacturer United States Steel Corporation jumped 3.89% after Goldman Sachs upgraded the stock to ‘buy’ and raised its earnings estimate for the company, citing “lower expected costs and higher utilization rates.”
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 added 0.35%, France’s CAC 40 rose 0.38%, Germany's DAX was up 0.12%, while Britain's FTSE 100 dipped 0.22%.
Earlier Tuesday, the New York Federal Reserve’s index of manufacturing conditions rose more-than-expected in February, a separate report showed that U.S. import prices rose more-than-expected in January, while U.S. Treasury International Capital purchases fell unexpectedly in December.
Meanwhile, official data showed that China’s consumer price index rose less-than-expected in January.