US stocks traded mixed in early trade on Tuesday following weaker-than-expected earnings from Citigroup, while declines in Apple shares dragged technology-heavy Nasdaq lower.
The S&P 500 Index declined 2.82 points, or 0.24 percent, to trade at 1,290.17 at 10:00 a.m. EDT. The Dow Jones Industrial Average advanced 15.40 points, or 0.13 percent, to trade at 11,802.78. The Nasdaq Composite Index declined 0.15 percent.
Citigroup (NYSE:C) shares declined 4.48 percent as its fourth quarter earnings fell short of expectations. The company posted fourth quarter profit $1.3 billion or 4 cents a share compared with a loss of $7.6 billion or 33 cents a share in the year-ago quarter, while analysts expected a profit of 8 cents a share.
Apple Inc. (NASDAQ:AAPL) shares declined 4.17 percent to $332.35 on Tuesday after it was reported that Chairman Steve Jobs would take another leave of absence, fueling worries about the potential length of his absence and the extent of his health issues.
The company is set to release its first quarter earnings on Tuesday after the market closes. Analysts are expecting Apple to earn $5.39 per share compared to $3.67 per share in the same quarter last year.
On the economic front, the January Empire State Manufacturing Index climbed to 11.9 from a revised 9.9 for December, while economists had expected a reading of 13.
The euro advanced 1.06 percent to 1.3434 against the dollar and the yen gained 0.22 percent against the greenback.
Crude oil futures declined 0.57 percent to $91.02/barrel and gold futures rose 0.75 percent.
European stock markets are currently trading higher with FTSE 100 up by 59.13 points, DAX30 up by 64.80 points and CAC 40 up by 28.66 points.