Investing.com -- U.S. stocks were mixed on Tuesday, remaining in a tight holding pattern, ahead of a barrage of quarterly earnings from prominent companies after the bell, including: Apple, Twitter Inc. and eBay Inc (NASDAQ:EBAY).
On Tuesday evening, investors are bracing for the weakest earnings by Apple Inc (NASDAQ:AAPL) in years, amid sharp declines in the pace of iPhone sales growth over the first three months of the fiscal year. Last quarter, Apple may have sold as few as 15 million iPhone units, according to analysts' estimates, representing a decrease of 18% on a year-over-year basis. Overall, analysts expect the tech giant to report first quarter revenues of $52.0 billion on earnings per share of 2.00. Investors also await the release of the Federal Reserve's latest monetary policy statement at the completion of its two-day April meeting on Wednesday afternoon. While the Federal Open Market Committee (FOMC) is not expected to raise short-term interest rates at this week's meeting, the U.S. central bank could provide critical hints on the timing of its next rate hike.
The Dow Jones Industrial Average gained 13.08 or 0.07% to 17,990.32, while the S&P 500 Composite index added 3.91 or 0.19% to 2,091.70, on a quiet day of trading. Despite the mild gains, the Dow still closed below 18,000 for the third time in four sessions. On the S&P 500, seven of 10 sectors closed in the red, as stocks in the Telecommunications, Health Care and Technology sectors lagged. Stocks in the Energy and Basic Materials led, each gaining more than 1% on the session. The NASDAQ Composite index, meanwhile, dipped 7.48 or 0.15% to 4,888.31, extending its losing streak to four.
The top performer on the Dow was EI du Pont de Nemours and Company (NYSE:DD), which gained 1.58 or 2.40% to 67.55. DuPont (NYSE:DD) share popped on Tuesday following reports that a review of the multinational's conglomerate merger with Dow Chemical Company (NYSE:DOW) by the U.S. Securities and Exchange Commission (SEC) will be completed by June 30. The worst performer was Procter & Gamble Company (NYSE:PG), which fell 1.86 or 2.28% to 79.55, following the release of soft quarterly earnings on Monday after the close of trading.
The biggest gainer on the NASDAQ was Micron Technology Inc (NASDAQ:MU), which surged 0.96 or 9.10% to 11.51, amid optimistic forward guidance from increased DRAM demand. As a result, call activity outpaced put option purchases by a 4-to-1 ratio at one point in Tuesday's session. The worst performer was Jd.Com Inc Adr (NASDAQ:JD), which plunged 2.36 or 8.60% to 25.07, as high-speed traders in China tried to short the company's new, overpriced investment-grade complex bonds in Asian trading.
Micron was also the top performer on the S&P 500, just above Pioneer Natural Resources Company (NYSE:PXD), which gained 11.86 or 7.73% to 165.36. Shares in the Dallas-based petroleum, natural gas and natural gas liquid exploration company are still down more than 12% over the last year. The worst performer was Corning Incorporated (NYSE:GLW), which plummeted 1.75 or 8.35% to 19.22. While Corning's earnings fell in line with analysts' forecasts, investors were more focused on the considerable declines among its LCD glass and optical communications segments.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 2,359-698 margin.