US market close: Stocks close mixed, with Nasdaq down ahead of tech earnings

Nicole Rojas

Apple, which reported its earnings following the closing bell on 26 April, closed nearly 0.7% lower.

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US stocks closed with mixed results on Tuesday 26 April, with the Nasdaq turning lower ahead of tech earnings. Meanwhile, the S&P 500 and Dow Jones ended up following a third straight day of losses.

The Dow Jones Industrial Average surged 13.08 points to settle at 17,990.32. Declines in the blue-chip gauge were led by 3M and Procter & Gamble, while Boeing and DuPont contributed the most to gains.
The S&P 500 climbed 3.91 points, or 0.2%, settling at 2,091.70, with the energy sector leading gains and offsetting declines in the healthcare and consumer staples sectors, MarketWatch noted. "Today the standout sector is energy. People are beginning to look back to single stocks in this very beaten-up space," Brian Fenske, head of sales trading at ITG, told CNBC. "With crude prices stabilising, people are reviewing equity stories and individual companies."
US crude oil futures closed $1.40, or 3.3%, higher to settle at $44.04 a barrel.
Meanwhile, the tech-heavy Nasdaq Composite dropped 7.48 points, or 0.2%, to 4,888.31. Apple, which reported earnings after the bell, closed nearly 0.7% lower and iShares Nasdaq Biotechnology ETC (IBB) closed down 1.59%. Twitter also reported its earnings following the closing bell.
Treasury yields held higher, with the two-year yield near 0.87% and the 10-year yield around 1.94. According to CNBC, both yields hit fresh highs going back to late March. "We're seeing a little bit of disconnect between the odds of a Fed rate rise and the moves in Treasury yields. That to me speaks to concerns about inflation," said Bryce Doty, senior fixed income manager with Sit Investment Associates.
The US dollar index trimmed losses to close about 0.26% lower, with the euro near $1.129 and the yen near 111.4 yen against the greenback.
Overseas, European stocks closed mix and Asian stocks closed mostly up. The Shanghai Composite closed 0.6% higher, but the Nikkei 225 closed about half a percent lower.
The Federal Open Market Committee began its two-day meeting on 26 April and is expected to release its statement on monetary policy on 27 April. Investors do not expect a move on rate hikes but will look for clues as to the timing of any changes. Meanwhile, the Bank of Japan will release its statement on monetary policy on 28 April.