U.S. stocks fell on Tuesday, as investors weighed earnings results from Citigroup, and Wall Street remained cautious about the budget negotiations between Republicans and Democrats in Washington.
On the earnings front, Citigroup Inc. (NYSE: C) reported fiscal third-quarter earnings that missed estimates after the bank said profit for the last quarter rose to $3.2 billion, or $1 a share, from $468 million, or 15 cents a share, a year ago. Adjusted per-share earnings were $1.02.
Analysts had expected the bank to report quarterly EPS of $1.05 on revenue of $18.77 billion, according to analysts polled by Reuters.
On Tuesday, shares of Citigroup fell 0.30 percent to $49.45 in morning trading.
The Coca-Cola Company (NYSE: KO) said fiscal third-quarter profit rose $2.45 billion, or 54 cents a share, on revenue of $12.03 billion, compared with a profit of 50 cents a share on revenue of $12.34 billion in the year-ago period. Adjusted earnings came in at 53 cents a share.
Wall Street expected the company to report third-quarter EPS of 53 cents on revenue of $12.06 billion, according to Reuters.
Coca-Cola shares were trading even at $37.91 in early trading.
Johnson & Johnson (NYSE: JNJ) said fiscal third-quarter profit rose to $2.98 billion, or $1.04 a share, from $2.97 billion, or $1.05 a share, a year earlier. Excluding items, profit rose to $1.36 per share. Revenue came in at $17.58 billion, compared with $17.05 billion a year ago.
Analysts polled by Reuters had expected the company to report quarterly EPS of $1.32 on revenue of $17.43 billion.
Shares of Johnson & Johnson edged up 0.72 percent to $90.45.
The Dow Jones industrial average fell 58.50 points, or 0.38 percent, to 15,242.76. The S&P 500 fell 4.29 points, or 0.25 percent, at 1,706.00. The Nasdaq Composite fell 2.48 points, or 0.09 percent, at 3,811.80.