NEW YORK: Major US stock indices moved in opposite directions early Tuesday as markets digested a heavy calendar of mixed earnings and looked ahead to a Federal Reserve decision.
Shares of General Motors and Northrop Grumman advanced while Boeing and American Airlines were among the companies to fall after reporting quarterly results.
Analysts are especially keen for earnings releases from Apple, Microsoft and other tech giants in the coming days.
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.8 percent at 49,023.98.
The broad-based S&P 500 added 0.2 percent at 6,966.08, while the tech-rich Nasdaq Composite Index rose 0.6 percent to 23,733.99.
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Besides earnings, markets are focused on Wednesday’s Federal Reserve decision. The Fed is expected to keep interest rates unchanged, but the central bank’s tone about future monetary policy actions will be a focal point.
Shares of health insurers fell sharply early Tuesday, with Dow component UnitedHealth Group down almost 20 percent and Humana and CVS Health also sharply lower.
The selloff follows an announcement of a lower than expected pay increase related to a leading US government Medicare program.
“The market doesn’t like big surprises like that and tends to take a sector specific reaction to them,” said Art Hogan of B. Riley Wealth Management. “So the health care providers are certainly coming under pressure.”
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