Stocks opened sharply higher following solid earnings reports from some of the nation's bellwether companies, such as IBM (IBM), United Technologies (UTX), and Proctor & Gamble (PG). The early gains pared yesterday's losses, but the averages saw their highs in the opening hour of trading. The averages have lost their momentum and are now lower as the three earnings surprises from the Dow members have not been enough to keep the broader market afloat.

ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 269.2 in November. The Richmond Fed's manufacturing index bounced 6 points to -2 in January

COMPANY NEWS: Shares of IBM have jumped 8% near noon after "Big Blue" announced last night Q4 earnings and a 2019 outlook that surpassed expectations.

Two other earnings beats from Dow members helped to buoy the blue chip index, as United Technologies is up 3.5% after its Q4 earnings and the mid-point of its initial FY19 guidance topped consensus and Procter & Gamble has risen 4% after reporting better than expected core EPS and reaffirming its FY19 core profit outlook.

Comcast (CMCSA) reported better than expected earnings and revenue for the last quarter of 2018, with CEO Brian Roberts stating that he is "pleased with the strong operational and financial results" delivered across the company. High-speed internet customer net additions were 351,000 in Q4, while the company lost a net total of 29,000 video customers, Comcast reported.

MAJOR MOVERS: Among the noteworthy gainers was Vipshop (VIPS), which rose 11% after KeyBanc analyst Hans Chung upgraded the stock to Overweight from Sector Weight, citing improving fundamentals. Also higher were Accuray (ARAY) and Waters (WAT), which gained a respective 11% and 10% after reporting quarterly results. 

Among the notable losers was Quotient Technology (QUOT), which slid 14% after it cut its revenue guidance for the fourth quarter and fiscal 2018. Also lower were Capital One (COF) and RPC, Inc. (RES), which fell 6.5% and 6%, respectively, after reporting quarterly results. 

INDEXES: Near midday, the Dow was down 43.25, or 0.18%, to 24,361.23, the Nasdaq was down 49.76, or 0.71%, to 6,970.59, and the S&P 500 was down 14.87, or 0.56%, to 2,618.03.