U.S. stocks fell on Tuesday, dragged lower by Alcoa Inc's worse-than-expected results and a warning from Chevron Corp that its fourth-quarter earnings will drop.
The Nasdaq fared worse than the Dow and S&P 500 after Electronic Arts Inc
Both companies weighed on the Dow, with Alcoa dropping 8.5 percent to $15.98 and Chevron falling 1.1 percent to $79.99.
A lot of people will be reassessing the risk they have in their portfolios with regards to earnings, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.
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The Dow Jones industrial average <.DJI> slipped 23.96 points, or 0.22 percent, to 10,640.03. The Standard & Poor's 500 Index <.SPX> lost 5.96 points, or 0.52 percent, to 1,141.02. The Nasdaq Composite Index <.IXIC> gave up 14.29 points, or 0.62 percent, at 2,298.12.
The early losses put the S&P 500 on track to break a six-day winning streak. A rise on Tuesday would have matched a 1987 seven-day string of gains to start a new year. Both the Dow industrials and the S&P hit 15-month highs on Monday.
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(Editing by Padraic Cassidy)