The blue-chip index dropped 96.36 points to 37,905.45, retreating below the 38,000 level that was crossed for the first time on Monday.
Tuesday’s losses resulted in the index snapping a three-day winning streak. The big board pressured by a nearly 12% decline in 3M following disappointing guidance. Johnson & Johnson fell more than 1% after reporting earnings.
The S&P 500 index gained 14.17 points to 4,864.60. With the advance, the S&P 500 recorded a fresh all-time closing high.
The NASDAQ triumphed 65.66 points to 15,425.94.
D.R. Horton dropped more than 9% after the homebuilder missed Wall Street’s consensus forecast for per-share earnings. Lockheed Martin slipped more than 4% following a weak outlook for full-year earnings per share.
On the other hand, United Airlines rose more than 6% after reporting strong fourth-quarter results. However, the airline operator said it expects a first-quarter loss from the grounding of Boeing 737 Max 9 airplanes, the model involved in the Alaska Airlines emergency earlier this month.
Shares of other airline operators rose in tandem. American Airlines, Southwest Airlines and Delta Air Lines and Alaska added more than 3%.
Elsewhere, Verizon and Procter & Gamble helped mitigate losses for the Dow. The pair gained more than 6% and 4%, respectively, as investors bought in following the companies’ financial reports.
But investors are deliberating how long the gains can persist, especially as the rally this year has centered around tech stocks such as Nvidia, while broader participation has continued to disappoint.
Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.
Prices for the 10-year Treasury flopped, boosting yields to 4.14% from Monday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices slipped 25 cents to $74.51 U.S. a barrel.
Gold prices picked up $7.60 to $2,029.80.