Stocks Opened Lower, Oil Prices Declined

U.S. stocks opened modestly lower on Tuesday, after two days of gains. The Dow Jones Industrial Average lately fell 135.97 points, or 0.55%, to 24,465.30. The S&P 500 slipped 15.21 points, or 0.57%, to 2,640.79. The Nasdaq Composite gave up 31.75 points, or 0.45%, to 6,950.21.

Crude-oil prices declined slightly on Tuesday after a report from the International Energy Agency indicated that crude output from non-OPEC members is set to exceed global demand this year. March West Texas Intermediate crude fell 19 cents, or 0.3%, at $59.10 a barrel. April Brent crude slipped 7 cents, or about 0.1%, to $63.53 a barrel.

Under Armour Inc (UA.N) (UAA.N) on Tuesday reported quarterly revenue that beat analysts’ estimates, as it sold more footwear and apparel through its own stores and online. The company reported fourth-quarter loss of $87.9 million, or 20 cents per Class C share, in the quarter ended Dec. 31, compared with a profit of $103.2 million, or 23 cents per share, a year earlier.

Blue Apron Holdings Inc (APRN.N) reported a smaller-than-expected revenue drop and quarterly loss as a costly distribution hub switch forced it to slash marketing. Revenue was $187.7 million, exceeding analyst estimates for $185.1 million. Blue Apron had a net loss of 20 cents a share, beating analysts average estimate for a deeper net loss of 27 cents per share.

PepsiCo Inc’s sales topped Wall Street forecasts in the fourth quarter. Revenue rose slightly to $19.53 billion in the quarter ended Dec. 30. PepsiCo recorded a net loss of $710 million or 50 cents per share, compared to a year-earlier profit of $1.40 billion or 97 cents per share, reflecting a $2.5 billion one-time charge related to new U.S. tax laws.