Mid-Morning Market Update: Markets Open Lower; Valeant Cuts 2016 Guidance

Following the market opening Tuesday, the Dow traded down 0.44 percent to 17,153.84 while the NASDAQ declined 0.69 percent to 4,717.47. The S&P also fell, dropping 0.67 percent to 2,006.15.

On Tuesday, utilities shares slipped by just 0.17 percent. Top gainers in the sector included

,

, and

. In trading on Tuesday, basic materials shares dipped by 2.20 percent. Meanwhile, top losers in the sector included

, down 8 percent, and

, down 8 percent.

reported downbeat earnings for the fourth quarter and lowered its full-year outlook. Valeant reported quarterly adjusted earnings of $2.50 per share, missing analysts' estimates of $2.61 per share. Valeant now projects 2016 adjusted earnings of $9.50 to $10.50 per share, versus its earlier forecast of $13.25 to $13.75 per share. The company now expects revenue of $11.0 billion to $11.2 billion, versus its prior outlook of $12.5 billion to $12.7 billion.

shares shot up 369 percent to $7.88 following announcement Monday of positive results in Phase 3 trial for Vyxeos in patients with high risk acute myeloid leukemia. Shares of

got a boost, shooting up 34 percent to $2.54 following the announcement of the company's fourth quarter results. The micro-cap renewable oils and bioproducts producer delivered adjusted loss of $(0.32) per share, on revenue of $10.39 million

shares were also up, gaining 16 percent to $3.71 after the company reported strong earnings for the fourth quarter.

shares dropped 27 percent to $1.60. Foresight Energy reported Q4 adjusted loss of $0.05 per share on revenue of $241.7 million Shares of

were down 28 percent to $50.01 after the company reported downbeat earnings for the fourth quarter and lowered its full-year outlook.

was down, falling around 22 percent to $2.75 after the company reported weaker-than-expected Q3 results.

In commodity news, oil traded down 2.88 percent to $36.11, while gold traded down 0.71 percent to $1,236.30. Silver traded down 1.36 percent Tuesday to $15.31, while copper fell 0.83 percent to $2.22.

European shares were lower today. The eurozone's STOXX 600 declined 1.18 percent, the Spanish Ibex Index fell 1.62 percent, while Italy's FTSE MIB Index tumbled 1.34 percent. Meanwhile, the German DAX dropped 0.76 percent, and the French CAC 40 dropped 1.06 percent, while U.K. shares fell 0.66 percent.

The Federal Open Market Committee begins its two-day meeting today. U.S. wholesale prices declined 0.2 percent in February, versus economists' expectations for a 0.2 percent drop. U.S. retail sales slipped 0.10 percent in February, versus economists' expectations for a 0.20 percent decline. The New York Empire State manufacturing index rose to a reading of 0.62 in March, versus a prior reading of -16.64. However, economists expected a reading of -10.00. The prior reading was -16.64. The NAHB Housing Market Index came in unchanged at 58 in March, versus economists' estimates of a reading of 59. US business inventories rose 0.10 percent in January, versus economists' expectations for a 0.10 percent decline.