NEW YORK: US stocks opened mixed Tuesday amid a slew of company earnings, with the Dow trending lower a day after logging a new record high.
US companies including Procter & Gamble, Johnson & Johnson and GE all reported earnings for the final three months of 2024, with Netflix also due to report its results after markets close.
Around 10 minutes into trading, the Dow Jones Industrial Average fell 0.2 percent to 37,910.52, a day after crossing the 38,000 mark for the first time to notch a new record.
S&P 500 hits fresh record high
The broad-based S&P 500 was up 0.1 percent to 4,850.43 – adding to its new record high achieved Monday – while the tech-heavy Nasdaq Composite Index rose 0.2 percent to 15,385.87.
“Things are cooling off just a little bit this morning, but we wouldn’t call it a cold front after the warm streak,” Briefing.com’s chief market analyst Patrick O’Hare wrote in a note before markets opened.
“There has been a large slate of earnings results from blue chip companies that have generally been met with mixed reactions,” he added.
Of those companies reporting earnings Tuesday morning, Procter & Gamble was up more than 4.5 percent in early trading after beating profit estimates.
Meanwhile, GE saw its share price fall more than two percent after predicting lower-than-expected profits in the current quarter.
And Johnson & Johnson’s shares fell more than 2.3 percent despite narrowly beating expectations.
The Wall Street Journal reported Tuesday that J&J chief financial officer Joseph Wolk said the company had tentatively agreed a pay roughly $700 million to settle an investigation into the marketing of its talcum-based baby powder.
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