Stocks Opened Lower amid Earnings

U.S. stocks open lower on Tuesday as investors digested a wave of earnings releases from companies like SM, Pfizer, and McDonald. The Dow Jones Industrial Average lately fell 97.06 points, or 0.37%, to 26,487.71. The S&P 500 was off 5.93 points, or 0.18%, to 3,233.48. The Nasdaq Composite was down 41.44 points, or 0.39%, to 10,494.83.

Oil futures were mixed in early trade Tuesday, with the U.S. benchmark drifting lower as pressure on the U.S. dollar let up and investors watched negotiations toward a second coronavirus aid package. West Texas Intermediate crude for September delivery was off 19 cents, or 0.5%, to $41.41 a barrel, while October Brent crude was up 4 cents, or 0.1%, at $43.94 a barrel.

3M (MMM) delivered second-quarter adjusted earnings of $1.78 per share on net sales of $7.2 billion, missing consensus estimates for $1.79 per share on net sales of $7.3 billion, according to Bloomberg-compiled data.

Pfizer (PFE) announced second-quarter results that topped consensus estimates and raised its revenue guidance for the full year.
Second-quarter adjusted earnings of revenue of $11.8 billion were each better than the 69 cents expected on sales of $11.73 billion. Pfizer now sees full-year revenue between $48.6 billion to $50.6 billion, up from the $48.5 billion to $50.5 billion range provided previously.

McDonald’s (MCD) reported second-quarter profit that missed consensus estimates. Adjusted earnings per share of 66 cents were 8 cents below expectations. Overall revenue of $3.76 billion represented a decline of 30% over last year.