NEW YORK: Crude oil and gold prices edged higher on Tuesday on the back of a softer U.S. dollar, while weak earnings dragged stocks lower.
Spot gold prices gave up most of the day`s gains and were up marginally after hitting a five-year low on Monday. Investors have dumped gold as the dollar rises and Greece looks to seal a bailout deal.
U.S. crude oil futures rose in choppy trading as the August contract expired, while Brent advanced but remained towards the bottom of its $55-$60 a barrel range of the past weeks, near its lowest since early April.
Stocks on Wall Street fell, with results from bellwethers IBM and United Technologies weighing the most on the S&P 500, while Apple was also down ahead of its earnings report, expected after the closing bell.
Of the 81 companies in the S&P 500 that have reported earnings, 70 percent have been above analyst expectations while just 53 percent have beaten on revenue.
"For the first time in a while fundamentals seem to be driving the action today in an otherwise very quiet macro backdrop and probably will continue to do so for the next couple of weeks as we work through the heart of earnings season," said Ryan Larson, head of U.S. equity trading at RBC Global Asset Management in Chicago.
Healthcare lead Europe stocks lower after Novartis reported quarterly income below analysts` expectations. The FTSEurofirst 300 index of top European shares .FTEU3 closed down 1.1 percent after rising 9.3 percent in the previous nine sessions.
MSCI`s gauge of major global stock markets .MIWD00000PUS slipped 0.2 percent.EURO UP BUT DOLLAR SEEN STRONG
The euro EUR= bounced back against the dollar after hitting a three-month low on Monday. It was last up 1 percent at $1.0935 and the dollar index .DXY, which measures the greenback against a basket of currencies, fell 0.7 percent.
Dollar strength is seen returning in the short term on expectations of interest rate differentials, as the U.S. Federal Reserve prepares to raise rates by year-end.
"The tension is fading on the euro down there," said David Rodriguez, quantitative strategist at FXCM in New York. "The dollar is still in control."
Spot gold XAU= added 0.3 percent on the day to near $1,100 per ounce after earlier gaining as much as 1.2 percent.
Oil prices edged up as the U.S. dollar slipped, but were set for large monthly drops in the face of a global supply glut.
Brent crude futures LCOc1 were up 34 cent at $56.99 a barrel. U.S. crude futures CLc1 rose 21 cents to $50.36.
A report on U.S. oil inventories is due at 4:30 p.m. EDT (2030 GMT).
U.S. Treasuries prices rose as stocks fell, with reduced concerns over Greece`s debt crisis keeping gains in check.
Benchmark 10-year Treasury notes US10YT=RR were last up 9/32 in price to yield 2.3434 percent, from 2.374 late Monday. U.S. 30-year bonds US30YT=RR were last up 16/32 to yield 3.0812 percent, from a yield of 3.106 percent late Monday.