Stocks decline on earnings; Coca-Cola drops
A string of lackluster earnings reports Tuesday from companies including Coca-Cola and Charles Schwab ended an eight-day winning streak for the Standard & Poor's 500 index.
Coca-Cola, the world's largest beverage maker, fell after the company said it sold less soda in its home market of North America. Retail brokerage Charles Schwab's second-quarter earnings fell short of what analysts were expecting. Marathon Petroleum fell after the fuel refiner forecast weak earnings and said its business was being hurt by renewable fuels laws.
The Dow Jones industrial average fell 32.41 points to 15,451.85. The Standard & Poor's 500 index declined 0.37 percent to 1,676.26. The Nasdaq composite dropped 0.25 percent to 3,598.50.
"Expectations for earnings growth this quarter are fairly subdued," said Michael Sheldon, chief market strategist for RDM Financial Group. "However, the important thing for investors is to look ahead to the second half of the year, where earnings are supposed to pick up significantly."
Overall S&P 500 earnings are expected to grow by 3.4 percent in the second quarter from the same period a year ago, according to data from S&P Capital IQ.