Wall Street fell on Tuesday after mixed corporate earnings failed to ease concerns about the health of the U.S. economy.
The Dow declined 57 points or 0.2% by 9:44 AM ET (13:44 GMT), while the S&P 500 fell 13 points or 0.5% and the Nasdaq composite was down 30 points or 0.4%.
Home Depot (NYSE:HD) cut its full-year sales forecast, citing lower lumber price and the impact of the trade war on consumer spending, although its shares jumped 3% due to beating profit forecasts. Department store operator Kohls declined 1.4% after its sales dipped in the second quarter, even as it beat on the top and bottom line.
Elsewhere, ADRs in Chinese search giant Baidu (NASDAQ:BIDU), which hit a six-year low recently amid fears of slowing growth, rose 7.4% after a reassuring quarterly update.
"Today just looks like a digestion day of recent gains and there is not a lot of news that would swing the market wildly in either direction," said Aaron Clark, portfolio manager at GW&K Investment Management in Boston, Massachusetts.
Focus this week is on Wednesday’s Federal Reserve meeting minutes from July and a speech from Chairman Jerome Powell on Friday at the Jackson Hole central bankers' conference.
Elsewhere, Apple (NASDAQ:AAPL) gained 0.5% on reports of its streaming service being released in November for $9.99. The news caused Netflix (NASDAQ:NFLX) to decline 2.4% as the streaming giant faces more competition from service providers.
Beyond Meat (NASDAQ:BYND) jumped 8.3% on an analyst upgrade, while Elanco Animal Health stock tumbled 5.6% after it agreed to buy the animal health business of Germany's Bayer (DE:BAYGN) for $7.6 billion.
In commodities, crude oil fell 1.5% to $55.31 a barrel while the U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.1% to 98.308. Gold futures gained 0.3% to $1,515.50 a troy ounce.
-Reuters contributed to this report
