Tech giant Apple briefly dipped below $600 a share ahead of its earnings report after the closing bell. Some analysts expressed concernthat the results may not be as stellar as expected as consumers take longer to upgrade existing devices like the iPhone. Apple shares hit an all-time high of $644 in early April.
Cisco tumbled nearly 6 percent amid fears over a possible sales slowdown and after the Dow component said it would cut about 1,300 workers. Separately, the tech company won European Union regulatory approval for its $5 billion purchase of TV software developer NDS.
Texas Instruments reported earnings that beat expectations but handed in weak projectionsfor third-quarter earnings and revenue. In addition, at least eight brokerages slashed their price targets on the chipmaker.
Among other earnings, UPS slid after the package-delivery company reported results that fell short of Wall Street's expectations and cut its full-year forecast.
DuPont posted results that edged past expectations, but the Dow component said global economic uncertainty would push its 2012 profit to the low end of a previously announced forecast.
And AT&T reported earnings that topped estimates, but revenue was slightly lighter than expected.
Netflix , Juniper and Broadcom are also expected to post results after the bell.
Yahoo cut losses after hedge fund manager Dan Loeb of Third Point purchased another 2.5 million sharesof the company for about $39.5 million, according to an SEC filing.
Nearly 30 percent of S&P 500 companies have posted results so far with 67 percent of earnings reports coming in above estimates and 21 percent missing expectations. Meanwhile, 60 percent of companies have have missed revenue forecasts, according to data from Thomson Reuters.
DeVry plunged after the for-profit education company warned that its fourth-quarter earnings and revenue will fall far short of expectations and added it will cut 570 jobs. At least two brokerages lowered their ratings, while another two cut their price targets on the company.
The government auctioned $35 billion in 2-year notes at a high yield of 0.220 percent and bid-to-cover of 4.00. The 10-year treasury bondhit a record-low yield of 1.394 percent.
On the economic front, manufacturing activity in the mid-Atlantic region fell at a steeper rate than expected, according to the Richmond Fed Manufacturing Index.
Home prices rose in April, while logging a 3.7-percent year-over-year gain, according to the Federal Housing Finance Agency.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter:
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