NEW YORK (TheStreet) -- Stocks pulled back from recent highs on Tuesday as a series of disappointing earnings reports sent markets into the red.
None bore the brunt of the down day more than the Dow Jones Industrial Average, which dropped triple digits and fell below 18,000 after a post-earnings slide in IBM (IBM) and United Technologies (UTX) shares.
The Dow fell 1%, or 179 points, to 17,920. The S&P 500 was down 0.42%, and the Nasdaq fell 0.21%.
IBM fell nearly 6% after second-quarter revenue of $20.81 billion slid 14.6% from a year earlier, missing estimates by $140 million, as PC demand continued to fall. Sales declined for their thirteenth straight quarter. IBM affirmed its full-year guidance.
United Technologies shares were down 7.1% after the defense contractor reported a mixed quarter. Net income of $1.81 a share beat analysts' estimates by a dime, while revenue of $16.33 billion fell 5% and missed estimates by $190 million. The company warned that future profit at its aerospace and elevator businesses would be lower than expected for 2015.
Verizon (VZ) slipped 2.4% on a mixed quarter, earning $1.04 a share on $32.22 billion in sales. Analysts expected $1.01 in net income on $32.45 billion in revenue.
Baker Hughes (BHI) gained 2% even as the oil services company swung to a quarterly loss and reported a 33.2% drop in revenue tied to tumbling oil prices. North American sales, which contribute more than one-third of total revenue, fell 47% to $1.5 billion.
Printing company Lexmark (LXK) tumbled more than 20% after guiding for third-quarter earnings between 51 cents and 61 cents a share, below estimates of 89 cents. Lexmark also announced it will cut around 500 jobs over the next 18 months as part of restructuring efforts.
Infosys (INFY) gained more than 8% after the software company beat analysts' estimates for revenue in its first quarter. Infosys reported revenue of $2.16 billion, a 5.7% increase from the year-ago quarter, and above forecasts of $2.12 billion.
Harley-Davidson (HOG) gained 5% despite a drop in quarterly motorcycle sales. Overall motorcycle sales fell 1.4%, driven by a 2.7% decline in the international market. Harley-Davidson downgraded 2015 guidance for shipments of motorcycles to 281,000 at the high end, below a previous forecast of 282,000 at the low end.
Earnings will hold focus this week as the economic calendar remains quiet and a rush of S&P 500 companies report their recent quarters. More than 130 companies in the S&P 500 will report this week, including Apple (AAPL) and GoPro (GPRO) after the bell Tuesday. So far, 72% of companies that have reported have beat profit estimates and 56% have beat revenue forecasts.
Crude oil crept higher on Tuesday, recouping some of the losses suffered over the past week, though still hovering close to four-month lows. West Texas Intermediate crude gained 0.4% to $50.36 a barrel.
"Oil prices are still showing a tendency towards weakness," wrote Commerzbank analysts in a note. "The prospect of ongoing oversupply on the oil market if Iran resumes its supply is continuing to weigh on prices."
Lifelock (LOCK) plummeted nearly 50% by mid-afternoon before trading was halted. Shares had been in freefall after the Federal Trade Commission asserted the security company had violated a 2010 settlement by continuing to make deceptive claims about some of its identity protection services. The agency has asked an Arizona federal court to order the company to provide redress to those affected by the violations.