REUTERS: U.S. stocks were lower on Tuesday as results from big Wall Street lenders rekindled concerns about slowing profit growth in a low interest rate environment, while comments from President Donald Trump on trade also soured the mood.
The banking subsector dropped 0.86per cent, compared with a 0.34per cent fall in the S&P 500 financial index . Investors will focus on the impact of U.S.-China trade tensions on second-quarter earnings. Profit at S&P 500 companies is estimated to dip 0.1per cent, which would be the first quarterly drop in three years, according to Refinitiv IBES data.
Johnson & Johnson slipped 1.3per cent after the diversified healthcare company warned that competition from generic and copycat drugs could impact its third-quarter results.