Wall Street shed early gains on Tuesday, extending Monday's slide. A rebound in tech and telecom stocks helped the Nasdaq finish flat, but drops in Boeing and energy stocks dragged down the Dow and S&P 500.
William O'Neil chief investment strategist, Randy Watts:
SOUNDBITE: WILLIAM O'NEIL CHIEF INVESTMENT STRATEGIST, RANDY WATTS, (ENGLISH) SAYING:
"While this earnings season is very good for the third quarter, if you look, S&P 500 earnings for the third quarter are up about 27 percent. But the forward guidance wasn't that good. And forward guidance actually came down if they look ahead for the next four quarters and for all of 2019. And I think this reduction in earnings estimate guidance is what's really upsetting investors."
Boeing shares fell on concerns related to last month's deadly crash of its 737 MAX plane operated by Indonesia's Lion Air.
Home Depot shares edged lower even though the home improvement retailer's quarterly comparable store sales rose, easily beating estimates.
Johnson Controls' shares advanced. The auto parts maker is selling its power solutions business to investment firm Brookfield Business Partners for more than $13 billion.
The major European markets closed higher. Telecom and tech stocks drove the rally.