U.S. stocks followed the earlier declines in Europe and fell Tuesday. When the dust settled, the Dow Jones Industrial Average lost 0.8%, the S&P dropped 1.2% and the Nasdaq Composite moved 1.55% lower.
Utility, technology and telecom names led the way lower on the session. Crude oil closed above $60 a barrel for the first time since last December. The yield on the benchmark 10-year U.S. Treasury note also moved higher for the sixth day out of seven, currently sitting at 2.172%.
Qualys (QLYS) was the big loser of the session, declining more than 32% on a lower profit outlook. Avon Products (AVP) also fell more than 11% on media reports that the company was struggling to find a potential buyer.
In after-hours action, Herbalife (HLF) is up 16% after posting better-than-expected earnings. Traders are also bidding up Electronic Arts (EA) 4% after the company announced its quarterly results. On the other hand, Noodles & Co. (NDLS) is trading 17% lower after missing quarterly profit expectations.
Looking ahead to Wednesday morning, 3D Systems (DDD), Hain Celestial (HAIN), Occidental Petroleum (OXY) and Wendy's (WEN) headline the earnings calendar. On the economic front, we'll get a look at weekly mortgage applications, ADP employment data, non-farm productivity and unit labor costs before the opening bell.
David Peltier is the portfolio manager for Stocks Under $10 and Dividend Stock Advisor. Test drive with a free trial.
