NEW YORK: Wall Street stocks struggled for direction early Tuesday as a mixed bag of earnings results competed for attention with fast-changing US political developments.
Coca-Cola, Lockheed Martin and Spotify were among the companies to rise after reporting quarterly results, while UPS fell sharply.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 40,3678.87.
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The broad-based S&P 500 added 0.1 percent at 5,570.08, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 18,036.52.
Less than two days after President Joe Biden pulled out of the November election, Vice President Kamala Harris appeared poised to clinch her party’s nomination after receiving support from enough Democratic delegates.
Analysts have described the market’s response to the campaign flux as muted, with greater likelihood of a Wall Street reaction closer to the November election.
UPS sank more than 12 percent as it reported lower profits and revenues and cut some annual projections.
The travails at UPS and rival FedEx are company-specific, but the companies also “represent a broader forecast of the economy,” said LPL Financial’s Quincy Krosby. “It’s seen as a reflection of the broader economy.”
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