Markets Lower As Congressional Deadlock Continues

The markets traded lower during the midday with the Dow dropping 75 points to 12,517 as the deadlock in Congress continued. Nasdaq eased a fraction to 2842.

On the upside

Broadcom (Nasdaq: BRCM) reported lower second quarter earnings but the results beat expectations and the company forecast third quarter revenue ahead of estimates.

Office Depot (NYSE: ODP) widened second quarter losses but the results were better than expected.

Supervalu (NYSE: SVU) reported higher first quarter earnings that beat analyst expectations.

On the downside

Second quarter earnings for Paccar (Nasdaq: PCAR) more than doubled but the results fell short of analyst expectations.

Patriot Coal (NYSE: PCX) narrowed second quarter losses as revenue rose but the company warned of higher expenses.

Illinois Tool Works (NYSE: ITW) reported second quarter earnings that fell short of analyst expectations prompting the company to lower its full year guidance.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 828.