* Goldman set for worst day since June Brexit vote results
* Dow registers triple-digit point decline
* J&J top drag on S&P after revenue misses expectations
* Indexes down: Dow 0.69 pct, S&P 0.47 pct, Nasdaq 0.41 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
April 18 U.S. stocks fell further in midday
trading on Tuesday as corporate heavyweights Goldman Sachs and
Johnson & Johnson disappointed investors with their quarterly
results, while geopolitical tensions continued to weigh on
The S&P 500 healthcare sector fell 1.4 percent,
dragged down by a 3.4 percent decline in Johnson & Johnson
after the company's quarterly revenue fell short of
Goldman Sachs sank 4.6 percent after a rare profit
miss due to weak trading revenue. The bank dragged down other
financial stocks and shaved 73 points off the Dow.
Goldman is set to record its worst day since June 24, a day
after Britain voted to leave the European Union.
Although Bank of America reported a
better-than-expected profit, its shares reversed course to trade
slightly lower, falling in line with the broader market.
"The news out this morning is earnings-related, but with
concerns of the Trump agenda being pushed out a little bit and
with the geopolitical tensions, this is not the kind of news you
needed and it gives people a reason to not be buyers of the
overall market," said Robert Pavlik, chief market strategist at
Boston Private Wealth.
A rough start to the earnings season could add to investor
concerns about market valuations, especially after a strong
post-election rally drove major indexes to record highs.
Markets are also worried about President Donald Trump's
ability to quickly implement pro-growth policies such as tax
cuts, in the wake of a failed healthcare reform bill.
U.S. Treasury Secretary Steven Mnuchin warned that tax
reforms could be delayed following the healthcare bill setback.
At 12:28 p.m. ET (1628 GMT), the Dow Jones Industrial
Average was down 141.85 points, or 0.69 percent, at
20,495.07, the S&P 500 was down 11.02 points, or 0.47
percent, at 2,337.99 and the Nasdaq Composite was down
24.07 points, or 0.41 percent, at 5,832.72.
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.
Nine of the 11 major S&P sectors were down. The only ones to
gain were consumer staples and utilities,
whose slow but steady growth makes them attractive during
periods of uncertainty.
Netflix, the first of the FANG stocks to report
results, was down 2.2 percent at $144.01 after the video
streaming services provider reported weaker-than-expected
subscriber numbers in the first quarter.
One bright spot was UnitedHealth, whose shares rose
about 1 percent after the health insurer reported
better-than-expected quarterly results and raised its profit and
revenue forecasts for the year. The stock provided the biggest
boost to the S&P and the Dow.
Declining issues outnumbered advancers on the NYSE by 1,933
to 915. On the Nasdaq, 1,892 issues fell and 820 advanced.
The S&P 500 index showed 16 52-week highs and two lows,
while the Nasdaq recorded 28 highs and 42 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by