Business

Markets drop as quarterly earnings disappoint

Stock markets opened down Tuesday as several major companies’ quarterly earnings fell short of expectations.

The Dow Jones Industrial Average opened down 185 points, or 0.7 percent, and the S&P 500 dropped 18 points, or 0.6 percent.

The slump, which erased many of Monday’s gains, followed disappointing earnings reports from companies such as McDonald’s, 3M and JetBlue. A slew of other earnings reports are expected Tuesday morning from companies such as Starbucks, Visa and eBay.

The earnings data comes after Senate Republicans released their version of the next coronavirus stimulus relief bill, an opening bid in negotiations with Democrats.

The bill would include a second round of stimulus checks, reduced unemployment benefits, and an extension to the Paycheck Protection Program to help small businesses.