Investing.com – U.S. stocks posted sharp losses after the open on Tuesday, as technology stocks led markets lower, after disappointing earnings from Apple and International Business Machines undermined investor sentiment.
During early U.S. trade, the Dow Jones Industrial Average tumbled 1.04%; the S&P 500 index dropped 1.06%, while the Nasdaq Composite index plunged 1.47%.
Tech giants Apple saw shares plummet 2.81% after the company reported that iPad sales were short of analysts’ projections, however fourth quarter earnings remained better-than-expected due to strong iPhone sales.
Elsewhere in the technology sector, shares in IBM tumbled 3.03% despite a 12% rise in third quarter profits, after the company said it signed 7% fewer service contracts during the quarter. IBM is the world's top technology-services supplier, and its long-term contracts provide a steady source of revenue.
Meanwhile, Microsoft saw its shares fall 2.67% after it was reported that the company’s chief software architect, Ray Ozzie was stepping down.
In the financial sector, global investment bank Goldman Sachs saw its shares rise 0.94% after reporting that third quarter earnings fell less-than-expected. But shares in rivals Bank of America tumbled 1.86% after it reported a third quarter loss of USD 7.3 billion, more than analysts expected.
Search engine giant Yahoo and hard-drive manufacturer Western Digital were to release third quarter earnings reports after the closing bell.
Meanwhile, across the Atlantic, European stock markets were down: France’s CAC 40 shed 0.85%; Germany's DAX fell 0.42%; Britain's FTSE 100 decreased 0.67%; and the EURO STOXX 50 was down 0.57%.
Earlier in the day, official data showed that U.S. building permits fell unexpectedly in October while housing starts rose more-than-expected.
During early U.S. trade, the Dow Jones Industrial Average tumbled 1.04%; the S&P 500 index dropped 1.06%, while the Nasdaq Composite index plunged 1.47%.
Tech giants Apple saw shares plummet 2.81% after the company reported that iPad sales were short of analysts’ projections, however fourth quarter earnings remained better-than-expected due to strong iPhone sales.
Elsewhere in the technology sector, shares in IBM tumbled 3.03% despite a 12% rise in third quarter profits, after the company said it signed 7% fewer service contracts during the quarter. IBM is the world's top technology-services supplier, and its long-term contracts provide a steady source of revenue.
Meanwhile, Microsoft saw its shares fall 2.67% after it was reported that the company’s chief software architect, Ray Ozzie was stepping down.
In the financial sector, global investment bank Goldman Sachs saw its shares rise 0.94% after reporting that third quarter earnings fell less-than-expected. But shares in rivals Bank of America tumbled 1.86% after it reported a third quarter loss of USD 7.3 billion, more than analysts expected.
Search engine giant Yahoo and hard-drive manufacturer Western Digital were to release third quarter earnings reports after the closing bell.
Meanwhile, across the Atlantic, European stock markets were down: France’s CAC 40 shed 0.85%; Germany's DAX fell 0.42%; Britain's FTSE 100 decreased 0.67%; and the EURO STOXX 50 was down 0.57%.
Earlier in the day, official data showed that U.S. building permits fell unexpectedly in October while housing starts rose more-than-expected.