Investing.com -- U.S. stocks moved lower on Tuesday as subpar earnings from International Business Machines (NYSE:IBM) and United Technologies Corporation (NYSE:UTX) weighed on the Dow Jones Industrial Average, while investors awaited the release of quarterly reports from a host of major technology giants after the close for further indications on trends in the market during the heart of earning season.
The Dow dropped 181.12 or 1.00% to 17,919.29, as the two aforementioned companies each fell by more than 5.75% on the session. The NASDAQ Composite index and the S&P 500 Composite index, meanwhile, each fell mildly to halt advances into record territory. Previously, the NASDAQ had closed at record highs on three consecutive trading days, ending Monday's session above 5,215. On Tuesday, though, the NASDAQ lost 10.74 or 0.21% to close at 5,208.12.
The S&P 500 also fell by more than 0.2% on the session, closing at 2,119.21, as nine of 10 sectors closed in the red. Stocks in the Telecommunications, Utilities and Industrials sectors lagged, each falling by at least 0.95% on the day. Stocks in the Energy industry, the session's over performer, inched up ending the session as the only sector in the green.
Shares in IBM plunged 10.00 or 5.77% to 163.22, one day after the multinational technology and consulting corporation posted a decline in quarterly earnings for the 13th consecutive quarter. Following Tuesday's swoon, IBM shares are now down approximately 10% on the year.
Elsewhere, United Technologies shares experienced one of its worst trading days since the reopening of markets following the aftermath of the 9/11 tragedy, nearly 15 years ago. Earlier, United Technologies CEO Gregory Hayes indicated that weakness in the company's UTC Aerospace Systems and Otis Elevator division in Europe has forced it to lower its earnings guidance for the remainder of the year.
"With six months of trends behind us, it is now clear the commercial aftermarket at UTC Aerospace Systems will be significantly below our expectations for the year," Hayes said in a statement.
The top performer on the Dow was The Travelers Companies Inc (NYSE:TRV), which gained 2.01 or 1.96% to 104.62. United Technologies ended the session as the worst performer, falling 7.84 or 7.10% to 102.64.
The biggest gainer on the NASDAQ was Minnesota-based transportation services company CH Robinson Worldwide Inc (NASDAQ:CHRW), which added 1.85 or 2.91% to 65.52. The worst performer was Tesla Motors Inc (NASDAQ:TSLA), which lost 14.32 or 5.07% to 267.94. Tesla shares are still up approximately 23% on the year.
On the S&P 500, Harley-Davidson Inc (NYSE:HOG) ended the session as the top performer after posting stronger than expected earnings. Shares in the motorcycle giant surged 2.81 or 5.11% to 57.75. The worst performer was Chesapeake Energy Corporation (NYSE:CHK), which plummeted 0.93 or 9.06% to 9.34.
Tech giants Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Yahoo! Inc (NASDAQ:YHOO) are all scheduled to release their quarterly earnings after the bell on Tuesday. Apple is expected to bundle iWatch sales in a category with several other products in an effort to keep analysts guessing on the effectiveness of the device in its first quarter of sales.