Stocks opened lower Tuesday, as the Federal Open Market Committee prepared to launch its two-day policy meeting and investors looked to Apple's (AAPL) quarterly report after the close.
The Dow Jones industrial average and S&P 500 fell 0.3% and the Nasdaq was down 0.4%.
The Nasdaq opens Tuesday up 4.3% so far for January, having gained in six of the past seven months. The S&P 500 is ahead 1.9% in a third straight monthly advance. The Dow's 1.1% increase is also its third straight rise. Small caps skipped the party, with the Russell 2000 down 0.4%, its first monthly slip since October.
In Motion: Under Armour, Advanced Energy, Harley Davidson
Big names were all over the map following earnings reports: Aetna (AET) climbed 2.5%; AmerisourceBergen (ABC) punched up24%; Danaher (DHR) climbed 3%.
Exxon-Mobil (XOM) fell 0.4%. The oil giant reported a sharp drop in fourth-quarter earnings vs. expectations, and revenue growth stopped just short of analyst projections. Exxon shares have declined for six straight weeks.
Mastercard (MA) slipped 3%. The credit payment processor's earnings topped expectations, but revenue growth stopped short of analyst views. Mastercard shares fell 3% from a 109.03 buy point in a two-month flat base.
Harley Davidson (HOG) dropped 3% after reporting its fourth-quarter earnings rose less, and revenue fell more, than estimated by analysts. The stock has been struggling to hold above its 50-day moving average.
Under Armour (UA) cratered 26% at the open as fourth-quarter revenue and earnings missed targets, management provided full-year revenue guidance below expectations and the company's chief financial officer announced he would resign for personal reasons.
Among IBD 50 stocks, Advanced Energy Industries (AEIS) climbed 1%. The semiconductor equipment maker reported late Monday an across-the-board fourth-quarter beat and raised first-quarter earnings and revenue guidance above analyst views. The stock is extended after clearing a three-weeks-tight entry of 56.78 in December.
After the close, in addition to Apple, Xerox (XRX), Illumina (ILMN), Electronic Arts (EA) and Aflac (AFL) are among the companies scheduled to report.
Coming Up: Employment Costs, Home Prices, Consumer Confidence
Gold gained 1%; oil prices reversed higher, up 0.7%; the dollar eased; and bonds flattened.
The Labor Department's Employment Cost Index rose 0.5% for the fourth quarter, ticking down from the third quarter's 0.6% increase. Economist consensus had projected another 0.6% gain.
At 9 a.m. comes the Standard & Poor's CoreLogic Case-Shiller Housing Price Index for November, followed by Kingsbury International's January Chicago Purchasing Managers' Index at 9:45 a.m. The Conference Board's January consumer confidence numbers are expected at 10 a.m. ET.
The Federal Open Market Committee will wrap up its meeting with a policy announcement Wednesday afternoon at 2 p.m. ET.
Overseas, Europe's markets were positive in afternoon trade as earnings reports rolled in. London's FTSE 100 easily led the major benchmarks with a 0.6% gain. Frankfurt's DAX added a0.1% and the CAC 40 in Paris showed a 0.4% gain.
In Japan, Tokyo's Nikkei 225 dropped 1.7% in a second straight decline. Markets in Hong Kong and Shanghai remained closed for China's Lunar New Year/Spring Festival holiday.
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