US open: Market participants ignore solid earnings, stocks continue on downward trajectory
Wall Street stocks were in the red again early on Tuesday as market participants ignored solid quarterly earnings reports from some of the nation's largest companies.
As of 1545 BST, the Dow Jones Industrial Average was down 0.63% at 33,862.84, while the S&P 500 was 0.50% weaker at 4,142.37 and the Nasdaq Composite started out the session 0.53% softer at 13,841.54.
The Dow opened 214.79 points lower on Tuesday, extending losses recorded yesterday amid a sell-off in tech stocks.
Corporate earnings were firmly in focus again on Tuesday, with Procter & Gamble beating earnings expectations amid an uptick in beauty products sales, while Johnson & Johnson posted $100.0m in quarterly sales of its Covid-19 vaccine, helping both earnings and revenue beat Wall Street expectations.
Travellers Companies was also in the spotlight after posting quarterly earnings that topped expectations on the Street as the group also raised its quarterly cash dividend and approved an additional $5.0bn of share buybacks.
Still to come, CSX will report earnings throughout the session, while Netflix will release its latest quarterly figures after the close.
No major data points were slated for release on Tuesday.