Only the Nasdaq lost ground by the close on Tuesday, weighed down by big fallers which included media group Viacom (NASDAQ:VIAB), while the Dow and S&P were barely changed on the day after a late rally by sectors including healthcare countered another drop in oil prices.
The Dow Jones Industrial Average ended down just 0.08% at 16,014.38 and the S&P500 index shaved off just 0.07% to 1,852.21. The Nasdaq Composite lost 0.35% to end at 4,268.76.
The late rally in healthcare stocks - which ended down 0.36% on the day - was enough to repair earlier damage to French pharmaceuticals group Sanofi (NYSE:SNY). Having been down around 1.3% earlier in the session after the company reported the impact which recalling anti-allergy drug Allerject had in its fourth quarter, Sanofi ended down 0.87% at US$38.87 on Wall Street.
Viacom, meanwhile, had a rougher day of it and ended down 21.5%, or US$8.99, at US$32.86 - its lowest share price in nearly six years. That followed disappointment over the company's earnings report and what some analysts saw as firebrand remarks from its recently-installed chairman Philippe Dauman. You have to go back to March 2010 to find a similar share price on Viacom.
Helping steady the nerves of the broader tickers were the likes of Coca-Cola Co (NYSE:KO) whose latest batch of earnings was well-received by analysts and the market.
Oil prices marked another drop. The US benchmark future, the West Texas Intermediate deliverable in March, dropped 4% to US$28.51 a barrel.
OPEN
Wall Street equities were a bit steadier after opening sharply lower in Tuesday’s early deals.
The Dow Jones, at about 11:00am, was down 98 points or 0.6% changing hands at 15,928 while S&P 500 and Nasdaq each moved about 0.5% lower.
It follows weakness in Asia - specifically Japan, where the Nikkei dropped more than 900 points or 5.4% - and as Germany’s industrial production in December fell to lows not seen in four months.
Oil prices also remain a focus. And West Texas Intermediate crude was still just below $30 per barrel, while Brent was changing hands just above of $32.
Several big name earnings reports were in focus.
Coca-Cola Co (NYSE:KO) shares moved slightly higher to $42.80 after it had better than expected revenue and profit in the fourth quarter.
Mass media group Viacom (NASDAQ:VIAB) slumped $5.67, 13.5%, to $36.21. Its earnings report revealed a lacklustre performance for the Paramount Pictures business and as the MTV and Comedy Central TV networks had weak ratings.
Department store retailer Sears (NASDAQ:SHLD) gave up 4.6% to $15.95 after its earnings fell short of expectations and said it would accelerate closures of unprofitable stores.
Fast food restaurant chain Wendy’s (NASDAQ:WEN) fell 5% to $9.64 even though its fourth quarter was slightly better than expected.
Hotels firm Wyndham Worldwide (NYSE:WYN) gained almost 3% as its results were also ahead of the Street’s expectations.
PRE-OPEN
Wall Street futures point to lower open
Futures indices bode ill for the start of Tuesday’s trading, with the Dow Jones indicating a triple-digit loss on the open.
At 16,027 futures for the Wall Street’s blue-chip benchmark are down 123 points, while the S&P 500 and Nasdaq Composite also point lower.
It follows weakness in Asia – specifically Japan, where the Nikkei dropped more than 900 points or 5.4% - and as Germany’s industrial production in December fell to lows not seen in four months.
Oil prices also remain a focus. And West Texas Intermediary crude was still just below $30 per barrel, while Brent was changing hands just shy of $33.
In the coming hour, ahead of New York’s opening bell, attentions will focus more on corporate earnings.
Coca-Cola (NYSE:KO), Viacom (NASDAQ:VIAB, Sears (NASDAQ:SHLD) and Wendy’s (NASDAQ:WEN) and hotel firm Wyndham (NYSE:WYN) are among those reporting today.