All three major indexes were lower on Tuesday as investors once again lacked the necessary catalyst to push the averages higher. Weighing on the Dow Jones Industrial Average today was the downgrade of IBM (NYSE:IBM) to underperform by Credit Suisse.
In economic news, CoreLogic reported home sale prices in June rose by 1.9% month-over-month and 11.9% year-over-year. In the report, CoreLogic noted that inventories for both existing homes and new homes remain at historic lows causing prices to climb.
In earnings news, CVS Caremark (NYSE:CVS) reported second quarter earnings of $1.12 billion, or 91 cents per share, as revenue climbed by 2% to $31.25 billion. The second quarter reported missed Wall Street estimates for earnings, but topped estimates for revenue. Dish Network (NASDAQ:DISH) reported a second quarter loss of $11.1 million, or two cents per share, as the company took a $438 million impairment charge related to satellite acquisitions. In the quarter,pay-TV subscribers decreased by 78,000, leaving the company with roughly 14 million subscribers.
After the bell, investors will have earnings reports from the Avis Budget Group (NASDAQ:CAR), Blueknight Energy Partners (NASDAQ:BKEP) and CH Robinson Worldwide (NASDAQ:CHRW), as well as earnings from Berry Petroleum (NYSE:BRY) and StoneMor Partners (STON) before the market opens on Wednesday.
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