U.S. stocks tumble amid earnings, falling oil

U.S. stocks traded sharply lower in the morning session Tuesday as investors digested quarterly earnings reports amid declining oil prices.

Around noon, the Dow Jones Industrial Average dipped 178.13 points, or 1.00 percent, to 17,713.03. The S&P 500 lost 20.53 points, or 0.99 percent, to 2,060.90. The Nasdaq Composite Index moved down 52.69 points, or 1.09 percent, to 4,764.90.

Before Tuesday's opening bell, Pfizer Inc. reported first quarter 2016 earnings of 3.02 billion U.S. dollars, or 49 cents a share, compared with 2.38 billion dollars, or 38 cents a share, in the same period last year.

Following the release of the better-than-expected quarterly earnings, the drug giant's shares jumped over 3 percent around midday Tuesday.

Shares of American International Group, Inc. (AIG) dropped about 2 percent around midday Tuesday after the U.S. insurer delivered quarterly results well below market estimates.

Oil prices continued to slide around midday Tuesday as rising output from the Middle East renewed concerns about a global supply glut.

U.S. oil surged around 20 percent in April, the largest monthly gain in a year, helped by a weaker U.S. dollar and reduced U.S. crude output.

There is no major economic report due out Tuesday.

On Monday, U.S. stocks posted sizable gains, with the Nasdaq snapping a seven-day losing streak, as Wall Street digested a batch of economic reports. Endit