Markets Right Now: Weak earnings drag stocks lower

AP News
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Posted: Jan 31, 2017 11:59 AM

NEW YORK (AP) — The latest on developments in financial markets (All times local):

11:45 a.m.

Stocks are falling following weak results from companies including UPS and Harley-Davidson.

The sharp decline in UPS and competitor FedEx dragged industrial stocks down more than the rest of the market Tuesday. Technology stocks also fell.

Investors moved money into bonds and stocks that pay big dividends, like utilities.

The Standard & Poor's 500 index is poised for its fourth consecutive loss.

Under Armour plunged 21 percent after the athletic apparel maker reported a rare earnings miss.

The Standard & Poor's 500 index fell 11 points, or 0.5 percent, to 2,269.

The Dow Jones industrial average lost 149 points, or 0.8 percent, to 19,821. The Nasdaq composite declined 34 points, or 0.6 percent, to 5,578.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.44 percent.

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9:35 a.m.

Stocks are opening slightly lower on Wall Street for the second day in a row as several companies report disappointing earnings.

Under Armour plunged 25 percent after the athletic apparel maker reported a rare earnings miss in the fourth quarter and released a conservative revenue outlook for the year.

Harley-Davidson dropped 3 percent after reporting weak shipments and delivering a tepid outlook.

The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,276.

The Dow Jones industrial average lost 57 points, or 0.3 percent, to 19,917. The Nasdaq composite declined 16 points, or 0.3 percent, to 5,596.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.48 percent.