Mid-Morning Market Update: Markets Down, Pfizer Cuts 2013 View

Following the market opening Tuesday, the Dow traded down 0.39 percent to 14,761.62 while the NASDAQ declined 0.08 percent to 3,304.35. The S&P also fell, dropping 0.26 percent to 1,589.54.

: The S&P is stalling at its 1,556/1,597 highs, with 1,575 acting as support below. The Dow is also stalling, at the 14,850 level and 14,750 support below, while having 14,900 resistance higher. Next up, the NASDAQ is stalling as well at its 3,320 highs, with 3,275 forming as support below. Finally, the Russell is stalling just under its 945 resistance with 930 as support lower and 950 as resistance above.

Pfizer

reported a 53% rise in its first-quarter earnings and lowered its 2013 forecast. For the year, Pfizer now expects earnings of $2.14 to $2.24 per share on revenue of $55.3 billion to $57.3 billion. The company had earlier expected earnings of $2.20 to $2.30 per share on revenue of $56.2 billion to $58.2 billion. Pfizer's quarterly profit surged to $2.75 billion, or $0.38 per share, from $1.79 billion, or $0.24 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations came in at $0.54 per share. Its revenue fell 9.3% to $13.5 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $13.99 billion.

Avon Products

shot up 7.10 percent to $23.82 after the company reported upbeat quarterly profit. Shares of UBS AG

got a boost, shooting up 7.02 percent to $17.96 after the bank posted a net profit of $1 billion in the first quarter. Best Buy Co

was also up, gaining 7.52 percent to $26.02 after the company announced its plans to sell its stake in its European joint venture.

Nuance Communications

was down, falling 18.13 percent to $19.07 on weak Q2 results. Shares of Pitney Bowes

were down 15.68 percent to $13.66 on Q1 results. MGIC Investment

shares tumbled 9.31 percent to $4.9699 after the company reported downbeat Q1 results.

In commodity news, oil traded down 0.26 percent to $94.25, while gold traded up 0.11 percent to $1,469.00. Silver traded up 0.47 percent Tuesday to $24.28, while copper fell 0.87 percent to $3.20.

European shares were mostly lower today. The Eurozone Unemployment Rate rose to 12.1 percent in March, in line with expectations and higher than February's reading of 12.0 percent. Eurozone April CPI fell to a 1.3 percent annualized rate from 1.8 percent in March, well below the expected 1.8 percent rate, raising hopes that the ECB will cut rates as it has only a price stability mandate. The Spanish Ibex Index fell 0.06 percent while the Italian FTSE MIB Index dropped 0.28 percent. Meanwhile, the German DAX rose 0.75 percent and the French CAC dropped 0.11 percent and U.K. shares declined 0.16 percent.

The employment cost index increased 0.3% in the first quarter, versus economists' estimates of a 0.5% rise. The ICSC/Goldman Sachs Retail Chain Store Sales Index rose 0.4% in the week ended Saturday versus the week earlier. The S&P/Case-Shiller composite index surged 0.3% in February and rose 9.3% y/y. National chain store sales for the first three weeks of April dropped 2.5% versus March, according to Redbook Research's latest indicator. Chicago PMI declined to 49.0 in April, versus 52.4 in March. However, economists were expecting a 52.5 reading. The consumer confidence index surged to 68.1 in April, versus a revised 61.9 in March. However, economists were expecting a reading of 61.3. The expectations index increased to 73.3, versus 63.7 in March. The FOMC meeting begins Tuesday and the Treasury is set to auction 4-week and 52-week bills.