Stock Market Today: Stocks Slide on Ukraine Tensions

NEW YORK (TheStreet) -- U.S. stock markets were sliding Tuesday as tensions ramped up in Ukraine offsetting better-than-expected economic data.

The Dow Jones Industrial Average fell 0.9% to 16,410. The S&P 500 was falling 1.1% to 1,918. The Nasdaq was down 1% to 4,342.

Traders pointed to news reports of a buildup in Russian troops on the Ukraine border and comments from a Polish politician that said Russia is poised to invade or pressure militarily Ukraine's eastern border.

Factory orders in June rebounded by a stronger-than-expected 1.1% in June after a 0.6% decline in May. The composite index from the ISM non-manufacturing survey in July rose to a better-than-expected 58.7 from 56 in June. The final read on the Markit PMI services index for July slipped to 60.8 from the initial "flash" estimate of 61, but remained comfortably above the break-even 50 mark.

Target (TGT) was slumping 4.3% to $58.08 after cutting its second-quarter earnings outlook, reflecting flat U.S. same-store sales, softer-than-expected sales in Canada, and data breach expenses of $111 million.

A host of companies were in the spotlight Tuesday. Media and entertainment giant Walt Disney (DIS) is expected by analysts on Tuesday to report fiscal third-quarter earnings of $1.17 a share on revenue of $12.16 billion. Shares of daily deals site Groupon (GRPN) were trading down 1.6% to $6.91 ahead of its earnings announcement. The company is expected by analysts on Tuesday to report second-quarter earnings of 1 cent a share on revenue of $761.8 million.

American International Group (AIG) was down 0.9% to $52.20 after reporting on Monday that second-quarter net income rose 13%, topping analysts' expectations. Coach (COH), a seller of premium handbags, was popping 4.5% to $35.87 after beating fourth-quarter earnings expectations by 6 cents at 59 cents a share as international sales increased 7%. Toyota (TM) was up 0.5% to $118.70 after reporting on Tuesday a 5% increase in quarterly profit, topping expectations as vehicle sales rose in North America and Europe, offsetting a drop in Japan. CVS (CVS) was slightly lower at $76.90 after the drugstore operator topped the consensus by 3 cents at $1.13 a share and hiked its full-year outlook.

BlackBerry (BBRY) concluded a protracted and painful restructuring and is back on a growth footing, according to an internal memo to all its employees viewed by Reuters. Goldman Sachs (GS) is upending the way it does business with hedge funds, jettisoning less-profitable clients and increasing some fees on others as it adapts to new banking rules, people familiar with the matter told The Wall Street Journal. Gannett (GCI) fell 1.4% after the media giant said it plans to spin off its print business to create two publicly-traded companies; one focused on its broadcasting and digital businesses and the other on its publishing business. The company also signed on to acquire full ownership of Cars.com.

European stocks rose on Tuesday after positive news from some major companies distracted investors from external risks. In addition, U.K. data from Markit Economics and the Chartered Institute of Purchasing & Supply showed forecast-busting growth in the services sector in July.

In Tokyo, the Nikkei 225 fell 1% to 15,320.31 as shares in exporters declined. In Hong Kong, the Hang Seng rose 0.20% to 24,648.26. The Markit Economic/HSBC Holdings Purchasing Managers' Index for the services sector in China slipped to 50, right on the threshold between expansion and contraction.

-- By Andrea Tse in New York

Follow @AndreaTTse

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