NEW YORK (AP) — Stocks are opening slightly lower Tuesday after several U.S. companies delivered disappointing results and forecasts. UPS sank, and so did engine maker Cummins.
KEEPING SCORE: The Standard & Poor’s 500 index fell four points, or 0.2 percent, to 2,067 at 10:03 a.m. Eastern time. The Dow Jones industrial average fell 18 points, or 0.1 percent, to 17,605. The Nasdaq composite index added two points to 5,036.
EARNINGS: Ford reported improved sales of its new F-150 pickup truck, but its net income fell short of Wall Street estimates and the shares lost 79 cents, or 5.1 percent, to $14.89.
UPS slumped after the package delivery company surprised investors by saying its revenue dipped in the third quarter. The stock lost $2.64, or 2.5 percent, to $103.54.
Cummins dropped $8.25, or 7.4 percent, to $103.85 after Cummins posted disappointing third-quarter results and cut its outlook for the year. The company said it will eliminate up to 2,000 jobs because of a slowdown in the global markets.
Alibaba, the Chinese e-commerce giant, said it got a big boost from mobile sales in the third quarter. The results reassured investors about Alibaba’s performance while prospects for the Chinese economy remain uncertain. Alibaba rose $5.46, or 7.2 percent, to $81.81. Yahoo, which owns a big stake in Alibaba, picked up $1.57, or 4.7 percent, to $34.97.
FED MEETING: The Federal Reserve begins its two-day meeting Tuesday. Few expect the Fed to raise interest rates because U.S. inflation is low and the economic recovery remains uneven. Bank of Japan policymakers are also meeting on Friday and are expected to leave the door open to additional monetary stimulus.
OVERSEAS: In Europe, Britain’s FTSE 100 was down 0.5 percent and Germany’s DAX shed 0.5 percent. France’s CAC 40 dropped 0.7 percent. Asian markets closed mostly lower but Chinese stocks turned positive.
ENERGY: Benchmark U.S. crude fell $1, or 2.3 percent, to $42.98 on the New York Mercantile Exchange. Brent crude, which is used to price international oils, fell 83 cents, or 1.7 percent, to $46.71.
CURRENCIES: The dollar fell to 120.37 yen and the euro edged down to $1.1041 from $1.1057.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.03 percent from 2.06 percent.
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