The U.S. stocks sank to negative territory on Tuesday as earnings enthusiasm took a back seat to disappointment after data showed consumers were less confident about the economy.
The Conference Board's confidence index fell to 50.4, the lowest in five months and lower than analysts' forecast of 51. Figures also showed income expectations at their lowest point in more than a year, posing a risk for consumer spending which accounts for about 70 percent of the economy.
Major indexes gained earlier after DuPont reported second- quarter net income of 1.16 billion dollars, or 1.26 dollars per share, topping analyst expectations for earnings of 93 cents per share. Meanwhile, the company said its net sales rose 26 percent to 8.6 billion dollars, and also raised its earnings outlook for the year.
Such a move normally fuels market sentiment in earnings season as it showed companies were more confident about the wider economy.
The Dow Jones industrial average slipped 28.42 points, or 0.27 percent, to 10,497.01. The Standard & Poor's 500 index fell 4.82 points, or 0.43 percent, to 1,110.19 while the Nasdaq was down 13. 80 points, or 0.60 percent, to 2,282.63.
The Conference Board's confidence index fell to 50.4, the lowest in five months and lower than analysts' forecast of 51. Figures also showed income expectations at their lowest point in more than a year, posing a risk for consumer spending which accounts for about 70 percent of the economy.
Major indexes gained earlier after DuPont reported second- quarter net income of 1.16 billion dollars, or 1.26 dollars per share, topping analyst expectations for earnings of 93 cents per share. Meanwhile, the company said its net sales rose 26 percent to 8.6 billion dollars, and also raised its earnings outlook for the year.
Such a move normally fuels market sentiment in earnings season as it showed companies were more confident about the wider economy.
The Dow Jones industrial average slipped 28.42 points, or 0.27 percent, to 10,497.01. The Standard & Poor's 500 index fell 4.82 points, or 0.43 percent, to 1,110.19 while the Nasdaq was down 13. 80 points, or 0.60 percent, to 2,282.63.
