U.S. stocks ticked lower on Tuesday at the open as tech conglomerates were set to highlight a busy earnings week.
The S&P 500 (^GSPC) slid by 0.42%, while the Dow Jones Industrial Average (^DJI) dipped below the flatline. The technology-heavy Nasdaq Composite (^IXIC) slipped by 0.56%.
Bond yields slipped after the release of fresh housing and consumer confidence data. The yield on the 10-year note slid to 3.4%, while rate-sensitive two-year note yields also declined to 4.01% Tuesday morning.
Wall Street is focused on results from big tech, especially given the sector’s outsized influence on broader market gains so far this year. Alphabet (GOOGL) and Microsoft (MSFT) are scheduled to report after the bell. Alphabet stock is up 20.1% this year while Microsoft has gained more than 17.5%.
Amazon (AMZN) and Meta (META) earnings are on deck for later this week.
Positive earnings surprises have largely been in line with Wall Street expectations, with about 60% of companies beating sales and 70% topping earnings estimates, a bit below their longer-term averages, according to UBS.
Another focal point for Wall Street will be the energy market, as some of the largest players post earnings at the end of the week, including Exxon (XOM), Chevron (CVX), Valero (VLO), and TotalEnergies SE (TTE).
WTI crude oil dropped 2.3% to $76.98 set to mark the lowest settle value since March 31.
Separately, home prices climbed in February for the first time since June, ending seven consecutive months of price declines, as buyers came back into the market, according to the S&P CoreLogic Case-Shiller National Home Price Index. Still, on the housing front, new homes sales surged 9.6% in March, topping economists expectations of a 1.3% drop for the month.
Meanwhile, consumer confidence dipped again in April as worry over a slowing economy and possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index fell to 101.3 in April from 104 in March.
In single-stock moves, shares of PepsiCo, Inc. (PEP) rose after the company raised its full-year profit guidance following its earnings beat in the first three months of this year, which was boosted by resilient demand and higher prices.
General Electric Company (GE) shares climbed Tuesday morning after the manufacturer’s posted first-quarter revenue that jumped 25% in their aerospace business.
Shares of General Motors Company (GM) fell after the automaker reported an upbeat forecast signaling that the industry’s pricing power will run out of steam.
3M Company (MMM) shares rose after the company announced its restructuring plan that would impact 6,000 positions globally.
Stocks closed mixed Monday as the last of the bank earnings rolled in after a tumultuous first quarter for the sector. First Republic Bank (FRC) took the spotlight, rallying over 12% Monday before the regional lender reported a net loss of $72 billion in deposits during the first three months of this year. Its stock was back down more than 25% in early trading Tuesday.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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