NEW YORK (Reuters) - Stocks were little changed at the open on Tuesday as an earnings season expected to show sluggish corporate growth gets under way.
Profits in the fourth quarter are seen above the previous quarter's lackluster results, but analysts' current estimates are down sharply from where they were in October. Quarterly earnings are expected to grow by 2.8 percent, according to Thomson Reuters data.
If earnings growth appears to be "less bad" than expected that would translate into a near-term uptick in the market, according to Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management in New York.
"But I think there's still ample areas for concern," he said, listing policy worries in Washington and uneven economic activity as a result of Superstorm Sandy during last quarter.
The Dow Jones industrial average <.dji> fell 40.65 points, or 0.30 percent, to 13,343.64. The S&P 500 <.spx> lost 4.28 points, or 0.29 percent, to 1,457.61. The Nasdaq Composite Index <.ixic> dropped 5.04 points, or 0.16 percent, to 3,093.78.
German data showed industrial orders fell more than forecast in November due to a sharp drop in demand from abroad, reinforcing concerns that Europe's largest economy may have contracted in the fourth quarter of 2012.
Monsanto Co
Education provider Apollo Group and Dow component Alcoa Inc , the largest U.S. aluminum producer, round out the start of earnings season after the closing bell.
Shares of restaurant-chain operator Yum Brands Inc
London-traded Vodafone
Sears Holdings
GameStop
(Reporting by Rodrigo Campos; Editing by Nick Zieminski)
Wall Street dips as earnings season begins
This article
Wall Street dips as earnings season begins
can be opened in url
http://newspedicular.blogspot.com/2013/01/wall-street-dips-as-earnings-season.html
Wall Street dips as earnings season begins