* Goldman Sachs down on profit, revenue miss
* J&J down as revenue misses estimates
* Netflix slips on weak subscriber growth
* Indexes down: Dow 0.32 pct, S&P 0.19 pct, Nasdaq 0.14 pct
(Updates to open)
By Yashaswini Swamynathan
April 18 Disappointing quarterly results from
corporate heavyweights Goldman Sachs and Johnson & Johnson
dragged down major Wall Street indexes on Tuesday.
The S&P 500 healthcare sector tumbled 0.83 percent,
as Johnson & Johnson fell 2.6 percent after the company
reported quarterly revenue that missed analysts' expectations.
The financial sector was pressured by a 3.5 percent
decline in Goldman Sachs, which reported a
lower-than-expected quarterly profit due to weak trading
Goldman influenced other major U.S. banks, including Morgan
Stanley and Wells Fargo, which traded lower.
Bank of America pared most of its premarket gains
and was up 0.5 percent even after reporting a quarterly profit
that beat expectations.
"The key for the market is still earnings, economic growth
etc, and politics is merely a daily side show," said Paul Nolte,
portfolio manager at Kingsview Asset Management in Chicago,
Following a strong post-election rally, especially in the
banking sector, investors are now looking at quarterly earnings
to help justify lofty valuations in the market.
At 9:41 a.m. ET (1341 GMT), the Dow Jones Industrial Average
was down 66.05 points, or 0.32 percent, at 20,570.87, the
S&P 500 was down 4.4 points, or 0.19 percent, at 2,344.61
and the Nasdaq Composite was down 8.21 points, or 0.14
percent, at 5,848.58.
Adding to the downbeat sentiment was a warning from U.S.
Treasury Secretary Steven Mnuchin that U.S. tax reforms could be
delayed following setbacks in negotiations with Congress over
Safe-havens continued to be in favor ahead of crucial
presidential elections in France, rising tensions between the
United States and North Korea and the possibility of snap
elections in Britain.
Netflix, the first of the FANG stocks to report,
was down 2 percent at $144.37 after the video streaming service
provider reported weaker-than-expected subscriber numbers in the
first quarter, but forecast strong growth in the current
One bright spot was Dow component UnitedHealth whose
shares rose 1.3 percent to $169.25 after the health insurer
reported better-than-expected quarterly results and raised its
profit and revenue forecasts for the year.
Declining issues outnumbered advancers on the NYSE by 1,776
to 821. On the Nasdaq, 1,602 issues fell and 693 advanced.
The S&P 500 index showed nine 52-week highs and two lows,
while the Nasdaq recorded 15 highs and 16 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by