US stocks dip as market digests Tesla, UPS results
- About 20 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 33,934.79.
NEW YORK: Wall Street stocks retreated early Tuesday as markets digested mostly solid earnings and awaited a Federal Reserve decision later in the week.
A deluge of results since the market's Monday-afternoon close produced mixed reactions for companies reporting, a group that included UPS and Tesla.
"The predominant ... reaction to a host of positive earnings surprises has been reserved," said Briefing.com analyst Patrick O'Hare.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 33,934.79.
The broad-based S&P 500 shed 0.2 percent to 4,181.47, while the tech-rich Nasdaq Composite Index fell 0.3 percent to 14,093.55.
There are still many potentially market-moving events ahead, including a Fed decision Wednesday, President Joe Biden's address to Congress Wednesday night, a US GDP report Thursday, and earnings from Apple, Facebook and other tech giants.
Among individual companies, Tesla fell 2.8 percent despite reporting record profits on a huge jump in revenues. Some analysts focused on the significant revenues tied to government credits to buy electric cars.
UPS jumped 10.3 percent following a 27 percent surge in quarterly revenues to $22.9 billion on higher e-commerce deliveries. Analysts had projected revenues of $20.5 billion.
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