Stocks Struggled as Yellen Eyed

U.S. stocks traded lower on Tuesday as U.S. oil prices reversed and investors looked ahead to Fed Chair Janet Yellen’s testimony. The Dow Jones industrial average lately fell 86.15 points, or 0.54%, to 15,940.90. The S&P 500 lost 8.96 points, or 0.48%, to 1,844.48. The Nasdaq Composite dropped 20.87 points, or 0.49%, to 4,262.89.

The International Energy Agency says oil supply is set to outpace demand this year, keeping a lid on any expected price increases. The organization, which advises countries on energy policy, said in its monthly report Tuesday that global excess supply may reach 2 million barrels per day during the first quarter, and a further 1.5 million barrels a day in the second quarter. Further stock-building of 300,000 barrels a day is forecast in the second half of the year.

The Coca-Cola Co. (KO) said Tuesday it had net income of $1.23 billion, or 28 cents a share, in the fourth quarter, up from $770 million, or 17 cents a share, in the year-earlier period. Revenue fell to $10.0 billion from $10.9 billion.

Wendy’s Co. reported preliminary fourth-quarter profit that beat expectations as it continues to see benefits from operating fewer of its restaurants itself. Over all, Wendy’s posted a preliminary profit of $85.9 million, or 31 cents a share, compared with a year-earlier profit of $23.3 million, or 6 cents a share.