McDonald's, Bank of America, Cisco: Dow Movers
The Dow Jones Industrial Average fell 76.52 points, or 0.59%, to 12,932.01. The S&P 500 lost 5.86 points to 12,932.01 and the Nasdaq Composite dropped 11.49 points to 2,946.27.
Breadth within the Dow was negative with 25 of the index's 30 components posting losses.
The biggest laggards in the Dow Tuesday included Bank of America
Shares of Bank of America fell 2.14% to $7.79. CEO Brian Moynihan has to give testimony before May 18 related to a lawsuit from MBIA
The settlement in this case, if reached, is expected to be about $2 billion. MBIA sued Countrywide Financial, which was bought by Bank of America, over issues related to the securitization of residential mortgages.
The bank's stock has risen 40.11% year to date.
McDonald's shares lost 2.05% to $93.55. The fast food chain's April global same-store sales increased 3.3% in April, but missed the company's forecast of a 4% rise.
McDonald's stock has fallen 6.8% year to date.
Shares of Cisco dropped 1.94% to $18.71. The company is scheduled to report its fiscal third-quarter results after Wednesday's closing bell. Analysts, on average, anticipate earnings of 47 cents a share on revenue of $11.57 billion.
The stock has risen 3.48% year to date.
The only Dow component that posted a gain of more than 1% was Walt Disney
After the close, the media and entertainment conglomerate topped Wall Street's expectations for its second-quarter results, posting an adjusted profit of 58 cents a share, 3 cents ahead of consensus, posting strong year-over-year revenue across its park and resorts, media networks and consumer products businesses. The stock rose another 1.5% in extended trades.
--Written by Alexandra Zendrian in New York.
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