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Stocks close lower after mixed earnings results consumer stocks fall 1%

U.S. stocks closed lower on Tuesday as one of the busiest days of the earnings season got under way, while oil prices slipped.

" Some of the earnings that have come out have been disappointing and you have oil [lower]," said Craig Sterling, head of U.S. equity research at Pioneer Investments. " The market is kind of aimless here today.

" I think oil prices combined with the dollar" are pressuring stocks, said Kim Forrest, senior equity analyst at Fort Pitt Capital. " Our companies do not like that."

" On balance, earnings have been better, but we' ve also had an upward trend in energy prices that' s flattened out a bit," said Art Hogan, chief market strategist at Wunderlich Securities. " You need something to offset Under Armor being down . " Under Armor shares fell more than 10 percent despite posting better-than-expected results.

U.S. crude for December delivery fell 56 cents, or 1.11 percent, to settle at $ 49.96 per barrel ahead of weekly inventory data and as verbal squabbles among between OPEC members created uncertainty about a potential output cut.

" The picture is incredibly muddy and this is dragging the price of oil lower. Also if you look at the long term curve supply curve, Mexico and Brazil are both in vigorous war to attract interest from companies to drill in their deep water oil reserve, " Said Naeem Aslam, chief market strategist at Think Markets.

The Fed is scheduled to hold its next monetary policy meeting next week, and it' s largely expected to keep interest rates unchanged. Atlanta Fed President Dennis Lockhart spoke on Tuesday, but did not comment on monetary policy as the central bank entered its self- Period.

" The more likely time for the Fed to move would be in December," said Ernie Cecilia, CIO at Bryn Mawr Trust. " As long as the data with strong."

Overseas, European stocks fell, with the pan-European Stoxx 600 index falling 0.35 percent. In Asia, stocks closed mixed, with the Nikkei 225 gaining 0.76 percent and the Korean Kospi falling 0.52 percent.

Gold futures for December delivery rose $ 9.90 to settle at $ 1,273.60 per ounce.

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