U.S. shares retreated on weak results from IBM, Verizon, United Technologies and other companies. The S&P 500 (INDEXSP:.INX) slipped 0.4 percent to 2,120.41 at 11:46 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) dropped 1.1 percent to 17,907.80, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 0.2 percent to 5,206.24. Most followed shares also included Qualcomm, Lexmark International, Harley-Davidson, Tesla Motors, Bank of New York Mellon, Chesapeake Energy, and Steel Dynamics.
In technology shares, International Business Machines (NYSE:IBM)'s fell 5.2 percent to $164.19, a day after the company's revenue fell for the 13th consecutive quarter. IBM is in the midst of a significant transition toward businesses like cloud services and security solutions.
United Technologies (NYSE:UTX) fell 7.5 percent to $102.25 after the provider of high technology products cut its full-year profit outlook as it warned of pressures in its aerospace systems and Otis elevators businesses.
Qualcomm (NASDAQ:QCOM) rose 2.2 percent to $65.19 after a tech website said the chipmaker is preparing to lay off several thousand employees, or more than 10 percent of its 30,000-strong workforce.
Lexmark International (NYSE:LXK) tanked 22.3 percent to $36.79. The second-largest U.S. printer maker plans to cut about 500 Jobs after swinging to a loss in its latest quarter on lower revenue.
In consumer shares, Harley-Davidson (NYSE:HOG) advanced 4 percent to $57.13 after earnings beat estimates. The Milwaukee, Wisconsin-based company said its revenue and profit slid in the latest quarter, though earnings still came in better than Wall Street expectations.
Tesla Motors (NASDAQ:TSLA) slumped 4.8 percent to $268.62 after the electric car maker was cut to “sell” from “neutral” by UBS.
In communications, Verizon (NYSE:VZ) retreated 2.6 percent to $46.85. The holding company’s profit edged in above Wall Street expectations in the second quarter, though mainstream wireless sUBScriber growth slowed and revenue came in below forecasts.
In other stocks, Bank of New York Mellon (NYSE:BK) rose 2.2 percent to $43.92 after reporting a 48 percent jump in profit in its second quarter, as the investment manager kept spending in check and grew revenue.
Chesapeake Energy (NYSE:CHK) slumped 6 percent to $9.65. The natural gas producer is eliminating its dividend, with the savings going to help fund anticipated 2016 capital spending.
Steel Dynamics (NASDAQ:STLD) jumped 7.8 percent to $20.24. Steel’s second-quarter profit narrowed sharply as the steelmaker and metals recycler continued to struggle with low steel prices tied to a global steel glut and record imports to the U.S.