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Opening Bell: U.S. Stocks Slip and UBS Shares Tumble on Earnings

5/03/16 9:54 AM EDT
U.S. stocks fell on Tuesday, following weak manufacturing data from China. This fanned fears of more trouble ahead for the world's second largest economy. A private gauge of China's Purchasing Managers' Index dropped to 49.4 in April from 49.7 in March. Any reading under 50 shows a declining manufacturing sector. The index has declined for the 14th month in a row. UBS (UBS - Get Report) shares dropped as quarterly profit fell 64 percent year-over-year to $741 million, missing Wall Street's estimates. In its investment banking division, net income slid 67 percent. The bank has been shifting its focus towards asset management. Halliburton (HAL - Get Report) reported an adjusted first quarter profit of $0.07 a share, beating estimates of $0.04. But adding in charges related to falling oil process the oil field services giant posted a loss of $2.81 a share. The company nixed its acquisition of Baker Hughes (BHI - Get Report) earlier this week amid regulatory challenges. Pfizer (PFE - Get Report) shares gained steam after reporting better than expected first quarter earnings and raising its outlook. It now expects 2016 earnings of $2.38 a share, compared to a previously reported range of $2.20 to $2.30 a share. TheStreet's Scott Gamm reports from Wall Street.
Stocks in this video: UBSHALBHIPFE
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