S&P Drops from Record Perch Ahead of Earnings

U.S. stocks fell for the first time in six days on Tuesday ahead of quarterly earnings reports from several megacap technology companies.

The Dow Jones Industrials dropped 85.79 points to 35,058.52.

The S&P 500 deducted 20.84 points to 4,401.46, led to the downside by consumer names, tech and energy.

The NASDAQ plummeted 180.14 points, or 1.2%, to 14,660.58.

The major averages all slipped from their respective records reached in the previous session, breaking their five-day winning streaks.

Shares of UPS tumbled roughly 7% as the shipping company’s domestic revenue came up shy of estimates. UPS beat on the top and bottom lines, however, as a surge in e-commerce orders continued.

Tesla erased earlier gains and fell 1.9% following a better-than-expected second-quarter earnings report. The electric vehicle maker passed $1 billion in quarterly net income for the first time.

The second-quarter earnings season kicked into high gear this week with Google-parent … Read more

Lower Open for TSX

Canada’s main stock index opened lower on Tuesday, as energy stocks were dragged down by weakness in crude prices, while investors remained on the sideline ahead of the two-day U.S. Federal Reserve meeting.

The TSX Composite index lost 38.94 points to begin the session at 20,126.02

The Canadian dollar subsided 0.27 cents to 79.46 cents U.S.

Teck Resources said that quarterly adjusted profit rose 4% sequentially, driven by record-high copper prices. Teck shares gave back 40 cents, or 1.5%, to $26.95.

Egypt has signed four contracts with Barrick Gold for gold exploration in the country’s Eastern Desert, the ministry of petroleum and mineral resources said. Barrick shares eked ahead three cents to $26.15.

Desjardins raised the price target on George Weston to $137.00 from $127.00. Weston shares acquired $1.07 to $126.35.

Desjardins raised the target price on Loblaw Companies to $85.00 from $77.00. Loblaw started the day up 47 cents … Read more