U.S. stocks ended slightly lower on Tuesday after showing volatile moves earlier in the session as markets are still unknown about the timing of Spain might apply for a bailout. Moreover, upcoming earnings are further putting pressure on the broader market as analysts are estimating not good quarter.
"Spain being rescued would be good for risk assets and ultimately global growth, but while the benefits are largely priced in, we're still getting conflicting signals that understandably have investors apprehensive," said Brian Barish, president of Cambiar Investors LLC in Denver.
With supportive actions from the U.S. Federal Reserve and European Central Bank the S&P rose nearly 6 percent in the third quarter.
"Until we get some kind of clarity, we should expect a lot of volatility and difficulty holding onto gains," said Barish, who helps oversee $7 billion in assets.
he Dow Jones Industrial Average(INDEXDJX:.DJI) was down -32.75 (-0.24%), at 13,482.36. The S&P 500(INDEXSP:.INX ) was up 1.26 (0.09%), at 1,445.75. NASDAQ
Composite(INDEXNASDAQ:.IXIC) was down 6.51 (0.21%), at 3,120.04.
Mosaic Co(NYSE:MOS) tumbled 4 percent to $55.76 as the S&P's biggest percentage declined after reporting earnings and revenue that missed expectations
PetSmart, Inc.(NASDAQ:PETM) shares added 1.50% to $68.55 after S&P Dow Jones Indices said that the company will replace Sunoco in the S&P 500 on October 4.
Shares of ArQule, Inc.(NASDAQ:ARQL)slumped 56.31 percent to $2.18 after the biotechnology company and Japan's Daiichi Sankyo said they will end a late-stage trial of their experimental lung cancer drug.
Nokia Corporation (ADR)(NYSE:NOK) tumbled 5% without any major news.
SanDisk Corporation(NASDAQ:SNDK) surged over 3% and Research In Motion Limited (USA)(NASDAQ:RIMM) continued to trade higher after topping analysts’ estimate earlier this week.