U.S. Stocks Slip on Oil Worries; Procter & Gamble Beats

U.S. stocks turned slightly lower Tuesday on fears of oversupply in the oil market. The closely watched commodity dipped below $40 a barrel on Monday for the first time since April, before recovering on Tuesday. 'These are supply driven changes in price and not demand driven,' said David Lebovitz, global market strategist at JPMorgan Asset Management. 'Demand has been pretty steady. I expect that if dip below $40 sustainably, you will hear that drum beat of weaker global demand come back into play. Meanwhile, personal income rose 0.2 percent month-over month in June, missing estimates of 0.3 percent. Consumer spending rose 0.4 percent, topping estimates of 0.3 percent. The Federal Reserve's preferred inflation gauge, the personal consumption expenditure price index, rose 0.1 percent on a core bases, in-line with estimates. Procter & Gamble (PG) - Get Report shares were in focus after reporting earnings of $0.79 a share, ahead of estimates. Revenue fell three percent to $16.1 billion, topping estimates of $15.8 billion. Pfizer (PFE) - Get Report posted earnings of $0.64 a share, eclipsing estimates by two cents. Revenue rose 11 percent year-over-year to $13.15 billion and beat estimates of $13.01 billion. TheStreet's Scott Gamm reports from Wall Street.