Indices closed in the red zone on Tuesday. Brands took a breather amid the release of less-than-stellar earnings results from Coca-Cola. The soft-drink titan reported sales that were shy of expectations, citing slowing economic growth in China and Europe. Revenue for the quarter hit $12.75 billion versus the consensus expectation of $12.95 billion. On another note, consumer prices increased in June. The consumer price index climbed 0.5% last month. The core CPI, which discounts food and gas, rose 0.2%. In merger moves, Chinese search engine operator Baidu stepped up today after announcing a plan to purchase app store developer 91 Wireless for $1.9 billion. Looking ahead, Bank of America is set to issue quarterly data tomorrow.
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