U.S. stocks fell as IBM Corp. sank on earnings, while European equities ended the best rally since 2011. Treasuries advanced and the dollar's rally versus the euro paused.

The Standard & Poor's 500 Index lost 0.4 percent at 4 p.m. in New York. International Business Machines Corp. slid the most since October, sending the Dow Jones Industrial Average down 1 percent. The Stoxx Europe 600 fell after nine days of gains. The dollar retreated for the first time in five days, and Treasury 10-year note yields slipped three basis points.

In the absence of U.S. economic data, attention is turning to earnings as investors look for clues on the strength of American companies with the Federal Reserve poised to raise interest rates this year. About a quarter of S&P 500 members disclose results this week, including Apple Inc. after today's close. The Bloomberg Commodity Index rebounded from a 2002 low.

Today's weakness in equity markets bolstered the appeal of U.S. government debt. Treasuries rose, sending two-year note yields down from the highest in almost a month, as appetite for riskier assets waned.

The dollar weakened on Tuesday versus the euro, and an index of the U.S. currency retreated from a three-month high. The euro added 1.1 percent to $1.0942 and the yen gained 0.3 percent to 123.95 per dollar.

Those declines look set to reverse as the Fed meets next week to consider raising interest rates, diverging from central banks in much of the world.

IBM tumbled 6.4 percent after sales fell for a 13th quarter. United Technologies Corp. slid 7.8 percent after cutting its 2015 profit forecast. Novartis AG dropped 2.1 percent after reporting lower sales, while Remy Cointreau SA slipped 2.5 percent after posting revenue that missed analyst estimates.

European stocks declined, snapping a nine-day winning streak, amid mixed earnings reports.

Novartis AG fell 2.1 percent after reporting lower sales, dragging a measure of health-related companies to the second-worst performance of the 19 industry groups on the Stoxx Europe 600 Index. French distiller Remy Cointreau SA slipped 2.5 percent after posting sales that missed analyst estimates.

The Stoxx 600 retreated 1 percent to 402.66 at the close of trading, after earlier rising as much as 0.3 percent. Shares extended losses in late-afternoon trading, as U.S. stocks declined amid disappointing results from IBM Corp. and United Technologies. The volume of shares changing hands on the Stoxx 600 was 19 percent lower than the 30-day average.

"The earnings season is in focus for now and there's a consolidation after the big rally post Greece -- people are taking profits," said Konstantin Giantiroglou, head of investment advisory and research at Neue Aargauer Bank AG in Brugg, Switzerland. "Some investors are a bit more cautious today seeing the markets have gone up a lot."

A nine-day winning streak pushed the Stoxx 600 to within 2 percent of its record as Greece and its creditors reached an agreement paving the way for a new bailout and the European Central Bank increased emergency liquidity assistance. The nation reopened its banks on Monday after a three-week shutdown. The Athens Stock Exchange remains closed.

Zalando SE lost 5.2 percent after the German online fashion retailer indicated that second-quarter earnings may have declined because of higher costs. Tele2 AB dropped 6.8 percent after profit fell short of projections.

EasyJet Plc slipped 3.2 percent after Commerzbank AG reiterated its sell recommendation on the carrier, while also downgrading shares of some European peers amid increasing capacity and falling demand.

Stora Enso Oyj tumbled 8.3 percent, the most in three years. The Finnish papermaker posted operating profit that missed analyst estimates amid production problems in board mills, investments in new facilities and lower harvesting in China.

Faurecia SA added 1.7 percent after people familiar with the matter said Europe's biggest maker of car interiors is exploring a sale of its bumpers business.

Major U.S. stock-indexes lower in late morning trading on Tuesday as revenue at IBM and United Technologies weighed on the Dow and the S&P 500 and investors awaited results from tech giants including Apple and Microsoft. IBM's shares fell as much as 5.5%, a day after the company's revenue fell for the 13th consecutive quarter. United Technologies fell as much as 7.9% and was the biggest loser on the Dow, after the company cut its full-year profit outlook.

Most of Dow stocks in negative area (22 of 30). Top looser - United Technologies Corporation (UTX, -7.68%). Top gainer - Chevron Corporation (CVX, +1.03).

Most of S&P index sectors also in negative area. Top looser - Industrial Goods (-1.1%). Top gainer - Basic Materials (+0.8%).

At the moment:

Dow 17816.00 -187.00 -1.04%

S&P 500 2112.75 -9.25 -0.44%

Nasdaq 100 4665.75 -5.50 -0.12%

10 Year yield 2,36% -0,02

Oil 50.69 +0.25 +0.50%

Gold 1105.10 -1.70 -0.15%

Polish equities were higher on Tuesday, with the broad-market measure, the WIG index, edging up 0.16%. Sector performance was mainly negative as nine sectors recorded losses, with telecommunication sector (-1.84%) lagging behind.

The large-cap stocks' measure, the WIG30 Index rose 0.14%. Within the index components, KERNEL (WSE: KER) and PKN ORLEN (WSE: PKN) topped the list of advancers, climbing by 5.85% and 4.72% respectively. They were followed by LOTOS (WSE: LTS) and EUROCASH (WSE: EUR), adding 2.9% and 1.32% respectively. On the contrary, BOGDANKA (WSE: LWB) was the worst performer, losing 4.76%. ING BSK (WSE: ING), BZ WBK (WSE: BZW), ENERGA (WSE: ENG), ORANGE POLSKA (WSE: OPL), MBANK (WSE: MBK) and HANDLOWY (WSE: BHW) also posted notable declines, dropping 2.06%-4.38%.

U.S. stock-index futures were little changed before Apple Inc. and Microsoft Corp. report quarterly earnings.

Global Stocks:

Nikkei 20,841.97 +191.05 +0.93%

Hang Seng 25,536.43 +131.62 +0.52%

Shanghai Composite 4,018.62 +26.51 +0.66%

FTSE 6,777.95 -10.74 -0.16%

CAC 5,133.28 -9.21 -0.18%

DAX 11,693.34 -42.38 -0.36%

Crude oil $50.24 (+0.26%)

Gold $1102.40 (-2.60%)

(company / ticker / price / change, % / volume)

Company reported Q2 profit of $2.52 per share versus $2.11 consensus. Revenues rose 0.1% year/year to $6.17 bln versus $6.02 bln consensus.

Company reported: book value per share increased 3% from the prior year quarter end and 1% from year-end 2014 to $77.51; adjusted book value per share increased 5% and 3% respectively to $73.09.

TRV rose to $104.80 (+2.13%) on the premarket.

Company reported Q2 profit of $1.81 per share versus $1.72 consensus. Revenues fell 5.0% year/year to $16.33 bln versus $16.52 bln consensus.

Company lowered EPS guidance for FY15 to $6.45-6.60 from $6.55-6.85 versus $6.82 consensus. Revenue guidence lowered to $57-58 bln from prior $58-59 bln versus $64.72 bln consensus.

UTX fell to $106.00 (-4.06%) on the premarket.

Company reported Q2 profit of $1.04 per share versus $1.00 consensus. Revenues rose 2.4% year/year to $32.22 bln versus $32.47 bln consensus.

Company expected revenues growth in 2015 of at least 3% (to $130.9 bln versus $131.34 bln consensus).

VZ fell to $47.35 (-1.56%) on the premarket.

Company reported Q2 profit of $3.84 per share versus $3.79 consensus. Revenues fell 13.4% year/year to $20.81 bln versus $20.94 bln consensus.

Company reaffirms guidance for FY15, sees EPS of $15.75-16.50 versus $15.84 consensus.

IBM fell to $164.80 (-4.86%) on the premarket.

European stocks traded in different directions, but with only a slight change, which is associated with the publication of mixed earnings reports.

"Greece no longer has a significant impact on the market, the investors have paid attention to economic statistics and company reports. After closing all waiting for quarterly reports of Apple and Microsoft", - the analyst said Peregrine & Black Markus Huber.

Yesterday the Greek banks have resumed work after a three-week break, and today the government has submitted to parliament a bill that would require lenders to start negotiations on a new program of financial aid. Parliament must adopt the bills on Wednesday. The most controversial proposal of creditors concerning early retirement pension and citizens to improve the taxation of farmers who raise serious objections from the left wing of the ruling party, SYRIZA, and many representatives of the opposition, were removed from the bill, which greatly increases the chances that it will be approved by the Greek parliament majority.

A little influenced by data on Britain. It is learned that the British government borrowing fell in June, but less than predicted by experts. However, the last value was the lowest for the month for the past seven years. This was reported to the Office for National Statistics. According to the data, net borrowing state. sector (excluding banks state. sector) fell to 9.4 bln. pounds in June from 10.2 billion. pounds a year earlier, compared with economists' forecasts at -8.5 billion. lbs. For the first three months of fiscal year 2015/16, net borrowing of the public sector amounted to 25.1 billion. Pounds, which is almost 20 percent lower than in April-June last year. We also add the last value was the lowest since the April-June 2008/09 financial year. The ONS said that tax revenues in June increased by 0.3 billion. To 11.5 billion pounds. Pounds, its highest level since the start of statistics (1997). Income taxes increased by almost 14 percent, to 1.7 billion. Pounds, which is also the maximum value for all the time.

Sensor shares of pharmaceutical companies shows the largest decline among the 19 industry groups Stoxx Europe 600. The cost of Novartis AG - the world's largest pharmaceutical companies in terms of revenue - fell by 2.4% due to lower revenues in the 2nd quarter by 7%. Shares of Swiss farmkontserna Actelion Ltd. fell 0.8%, as its core earnings in the 1st half of the year was worse than expected.

Quotes Remy Cointreau SA - the second largest producer of alcoholic beverages in France - were down 2.3% on the back of weak data on revenue for the first fiscal quarter.

Cost Norsk Hydro has grown by 1.5% since the base of EBIT in April-June rose to 2.67 billion Norwegian kroner against the forecast of 2.34 billion euros.

Paper Zalando SE fell 2.6% after the company reported that second-quarter earnings may have declined because of the high costs.

The cost of Tele2 AB fell 3.2%, as the amount of profit was lower than forecast.

Quotes Royal Mail Plc - British postal operatora- fell 0.4% as revenue in the 1st finkvartale not changed.

EasyJet Plc's shares fell 1.4% after analysts at Commerzbank AG confirmed the rating on the stock at "sell."

Currently:

FTSE 100 6,787.28 -1.41 -0.02%

CAC 40 5,145.64 +3.15 + 0.06%

DAX 11,736.09 +0.37 0.00%

U.S. stock indices slightly advanced on Friday amid several strong earnings reports, although shares of mining companies fell because of declines in commodity prices.

The Dow Jones Industrial Average climbed 13.96 points, or 0.1%, to close at 18100.41. The S&P 500 gained 1.64 points, or 0.1%, to 2128.28. The Nasdaq Composite rose 8.72 points, or 0.2%, 5218.86.

Goldman Sachs is skeptical looking ahead as U.S. stocks have historically underperformed in the twelve months after the Fed's first rate hike. For example, Goldman expects the U.S. benchmark S&P 500 returning negative-0.7%, negative-0.2% and a positive-3.2%, on a three-month, six-month and 12-month basis, respectively.

In Asia this morning Hong Kong Hang Seng rose 0.36%, or 91.54 points, to 25,496.35. China Shanghai Composite Index climbed 0.52%, or 20.91 point, to 4,013.02. The Nikkei rose 0.67%, or 138.53 points, to 20,789.45.

Japanese stocks advanced amid a weaker yen and gains in U.S. equities.

(index / closing price / change items /% change)

Hang Seng 25,404.81 -10.46 -0.04%

S&P/ASX 200 5,686.89 +16.78 +0.30%

Shanghai Composite 3,993.44 +36.09 +0.91%

FTSE 100 6,788.69 +13.61 +0.20%

CAC 40 5,142.49 +18.10 +0.35%

Xetra DAX 11,735.72 +62.30 +0.53%

S&P 500 2,128.28 +1.64 +0.08%

NASDAQ Composite 5,218.86 +8.72 +0.17%

Dow Jones 18,100.41 +13.96 +0.08%