Stocks greeted the latest round of corporate earnings with a mixed performance, as the major averages sputtered a bit after a two-day rally.
The Nasdaq Composite (COMP.IND) closed -0.3%, the S&P 500 (SP500) finished -0.1% and the Dow (DJI) ended +0.3%. Earnings-related gains in Travelers (TRV) and Verizon (VZ) boosted the Dow.
Trading came with an early snag, as the New York Stock Exchange saw an unusual number of halts at the open, including major stocks such as Morgan Stanley (MS), McDonald’s (MCD) and Altria (MO). Most resumed trading shortly after.
Earnings news took most of the spotlight on Tuesday. 3M (MMM) slumped after its quarterly update included a weak sales forecast. Johnson & Johnson (JNJ) was largely unchanged in the wake of its financial figures.
Elsewhere, Travelers (TRV) pushed higher after its revenue beat expectations, with investors shrugging off a bottom line that was hurt by catastrophe losses. Earnings news sent Verizon (VZ) higher as well.
Looking to bond markets, rates retreated. The 10-year Treasury yield (US10Y) declined 6 basis point to 3.46% and the 2-year yield (US2Y) dipped almost 3 basis points to 4.22%.
Outside of earnings news, Cassava Sciences (SAVA) posted a double-digit percentage slide after announcing clinical trial data for its Alzheimer’s candidate.