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

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) 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.