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NEW YORK (CNNMoney)
The Dow Jones industrial average and S&P 500 ticked slightly lower, while the Nasdaq lost greater ground amid more biotech struggles.
Wall Street lost more ground after the government said new home sales tumbled 14.5% in March to the slowest pace since July. However, median prices of new homes sold rose to a record high of $290,000.
The weaker-than-expected housing numbers led investors to sell shares of home builders such as Lennar (LEN) and KB Home (KBH), which lost 2% and 4%, respectively.
Also on the economic front, research firm Markit said the speed of U.S. manufacturing expansion slowed slightly in April. The data is preliminary until the end of the month.
The bulls are sifting through the latest quarterly results in an effort to send the S&P 500 to a seventh consecutive day of gains.
On the upside, Dow Chemical (DOW, Fortune 500) reported a double-digit increase in net earnings per share compared to this time last year. Aircraft maker Boeing (BA, Fortune 500) flew higher after exceeding profit forecasts and announcing an 8% revenue increase. Both stocks are up around 2% in early trading.
Procter & Gamble (PG, Fortune 500), a producer of household consumer goods like Crest, Tide and Gillette, also had solid quarterly gains, although its stock fell in early trading.
There was mixed news late yesterday when a slew of earnings came in just after the closing bell.
Gilead Sciences (GILD, Fortune 500) shares rose 2% after it blew past earnings estimates, while Amgen (AMGN, Fortune 500) failed to live up to analysts' expectations and is one of the biggest losers today.
The biotech sector has taken a beating in recent weeks and was leading the Nasdaq lower on Wednesday after Amgen's miss.
Shares of Yum! Brands (YUM, Fortune 500) fell even after the parent of KFC and Taco Bell beat earnings expectations with especially good growth in Asia. They have also announced the return of the infamous KFC "Double Down" sandwich.
Despite bad weather that caused thousands of flight cancellations, Delta Air Lines (DAL, Fortune 500) beat expectations with soaring profits. Investors bid up the airline to an all-time high on the upbeat results.
Apple (AAPL, Fortune 500), Facebook (FB, Fortune 500) and Zynga (ZNGA) are reporting after the close, along with consumer-focused companies Crocs (CROX) and Cheesecake Factory (CAKE).
"I will say that sentiment in some of these tech names has gotten a bit bubbly going into numbers. That's dangerous," said Michael Block, chief strategist at Rhino Trading Partners.
Related: Fear & Greed Index still in fear zone
U.K.-based chip designer ARM Holdings (ARMH) -- part of the CNNMoney Tech30 Index -- reported record revenue and profit in the first quarter, but results were slightly weaker than analysts were expecting.
U.S. stocks rose Tuesday. It was the sixth Tuesday in a row that the Dow Jones Industrial Average ended the day with gains. The S&P 500 and Nasdaq also advanced.
Related: CNNMoney's Tech30
European markets were slightly weaker in but the losses were modest.
Asian markets closed with mixed results after the latest survey of manufacturing activity showed China's factories continued to struggle in April.
But there was a silver lining in the PMI report, according to analysis from Capital Economics, which said "while conditions in the manufacturing sector continue to weaken, they are no longer deteriorating as rapidly as before. It adds to growing evidence that, with infrastructure investment picking up, the recent slowdown in economic activity has begun to moderate."
Both of the main stock markets in China were lower, while the benchmark Nikkei in Tokyo jumped by 1.1%.
First Published: April 23, 2014: 9:46 AM ET
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