Stocks bounced back after a soft start Tuesday, but were still slightly lower, as earnings reports and a mild rebound stirred early trade.
The Dow Jones industrial average lost 0.5%, the S&P 500 gave up 0.3% and the Nasdaq fell 0.2%. Intraday, the Nasdaq lost 1.4%.
The stock market today fought to bottle up the selling that began in Europe and had carried over to the U.S. on Monday, and was picked up by Japan's markets on Tuesday. Tokyo's Nikkei dived to a 5.4% loss in its worst day since September. Europe's markets traded lower Tuesday, but had backed off early losses. London's FTSE 100 slipped less than 1%, Frankfurt's DAX was off 1.1% and the Cac 40 in Paris trimmed its loss to 1.5% in afternoon trade.
Employers reported the number of available, unfilled positions increased by 261,000 in December to more than 5.6 million, according to the Labor Department's Job Openings and Labor Turnover Survey. The department revised the number of unfilled posts in November to 3.46 million, from 5.43 million.
Oil prices backed out of early gains to trade down about 1%. That put West Texas Intermediate just below $30 a barrel and Brent crude between $32 and $33. Gold was effectively flat at $1,197 an ounce.
Walt Disney (DIS) pared its early losses to a fraction ahead of its fiscal first quarter earnings report due out after today's close. That left Wal-Mart (WMT) as the Dow's worst early performer, with a 2% loss. Home Depot (HD) made the best move among Dow stocks, up more than 1%. The company announced that it would report its Q4 results on Feb. 23.
Canada-based Fortis dumped 8% after announcing it would buy Novi, Michigan-based ITC Holdings (ITC) in a deal valued at $11.3 billion. Fortis is a diversified utility based in St. Johns, Newfoundland. ITC owns and operates power transmission lines reaching into seven Midwestern states. ITC shares fell 1% to 38.97.
Cabinet and paint maker Masco (MAS) topped the S&P 500, striding 8% higher after a 21% fourth-quarter earnings gain easily cleared analyst estimates. Revenue slipped 18%, in line with expectations. The stock remains below its converged 10- and 40-week moving averages and 18% below its Nov. 23 high.
Viacom (VIAB) took the low spot on the S&P 500, dropping 10% after a mixed fiscal Q1 report.
Hospital management REIT HCP (HCP) and gas pipeline operator Oneok (OKE) each slumped 9%. Regeneron Pharmaceuticals (REGN) and Discovery Communications (DISCA) fell 4% apiece.
Among IBD 50 stocks, Universal Display (OLED) popped 4%, taking back a piece of Monday's 8% dive in heavy volume.
Ligand Pharmaceuticals (LGND) stepped up 3% in very strong trade. Shares remain below both their 10- and 40-week moving averages and 20% below a mid-December high.
Aerospace components maker Transdigm (TDG) pared losses to less than 7% after falling nearly 14% at the start of trade. The Cleveland, Ohio manufacturer reported fiscal first quarter earnings and revenue below forecasts.
