U.S. stocks fell on Tuesday, as traders digested the busiest day to date of the current earnings season. At the closing bell, the Dow Jones Industrial Average fell 1%, the S&P 500 moved 0.4% lower and the Nasdaq Composite lost 0.2%.
IBM (IBM) and United Technologies (UTX) accounted for nearly two-thirds of the 181-point decline in the Dow. Telecom names led the way lower on the session, while energy stocks rallied. Elsewhere, the U.S. Dollar Index fell 70 basis points.
LifeLock (LOCK) was the big loser of the session, falling 49%. The Federal Trade Commission accused the identity security firm of making deceptive marketing claims. Lexmark (LXK) dropped 20% on a lower profit outlook. On the other hand, Thoratec (THOR) gained 18%, on a Bloomberg News report that St. Jude Medical (STJ) was close to acquiring the medical devices-maker.
In after-hours action, Apple (AAPL) is down 7%, as iPhone unit sales missed expectations and September-quarter revenue guidance was below consensus. Chipotle (CMG) and Illumina (ILMN) are down 4% and 9%, respectively, after quarterly sales trailed expectations. Microsoft (MSFT) was also down 3%, in reaction to its quarterly results.
Looking ahead to Wednesday morning, Abbott Laboratories (ABT), Boeing (BA), Coca-Cola (KO) and EMC (EMC) headline the earnings calendar. On the economic front, we'll get a look at housing prices, in addition to the weekly mortgage applications, before the opening bell.