NEW YORK (CNN/Money) - Global political worries punished U.S. stocks Tuesday, overshadowing positive earnings reports, and the same concerns may stall market action in Wednesday's trade.

After the close of trade, telecommunications company Motorola (MOT: down $0.02 to $8.75, Research, Estimates) reported fourth-quarter earnings of 13 cents per share, 3 cents better than expected, on revenue that also topped estimates. The firm reported a 4-cent-per-share loss a year earlier. However, the firm warned that its first-quarter results won't meet estimates. It expects results between breakeven and a profit of 2 cents a share, when analysts currently expect a profit of a nickel a share.

Whether the report has any impact on Wednesday's trade is questionable amid the broader war concerns.

President Bush said Tuesday that it is clear that Iraqi president Saddam Hussein is not disarming on his own and that time for any peaceful solution is running out.

Coupled with a report of a U.S. civilian's killing in Kuwait, geopolitical news stole investors' attention away from Dow bellwethers Citigroup (C: down $0.66 to $36.14, Research, Estimates), 3M (MMM: down $0.68 to $125.64, Research, Estimates) and Johnson & Johnson (JNJ: down $0.80 to $53.99, Research, Estimates), as well as non-Dow power player Ford (F: down $0.02 to $10.14, Research, Estimates), all of which reported better-than-expected earnings. All their stocks lost ground. (For a roundup of the day's earnings, click here.)

On the day, the Dow Jones industrial average (down 143.50 to 8442.90, Charts) lost 1.7 percent, the S&P 500 index (down 14.16 to 887.62, Charts) lost around 1.6 percent, while the Nasdaq composite (down 11.95 to 1364.25, Charts) declined more modestly.

"What's troubling everyone going forward is that no one has any meaningful guidance," said Matt Ruane, director of listed trading at Gerard Klauer Mattison. "You have Home Depot, Intel, Microsoft and IBM, all these big Dow components, saying the future is murky at best. That's not what investors want to hear. Without guidance, the Middle East, oil prices, [and] all of that takes priority.

"I think we're going to be stuck in this range for a while," Ruane added. "You've got a lot of tech earnings due in the next few days and the LEI (Leading Economic Indicators) on Thursday. Maybe some of that can pull us out of the range, but for now, it's sell first, ask questions later."

Additionally, the day's strong economic report, a burst of new home construction that took housing starts in December to their highest level in more than 16 years, did little to cheer investors.

"The housing numbers were certainly strong, so that should have been a positive and a few companies beat by a penny or so, but geopolitical concerns are overweighing everything else," said John Davidson, president and CEO of PartnersRe Asset Management.

"If you look out into next week, you've got the weapons report from inspectors due and the current view is that people may be reluctant to put money to work ahead of that," Davidson added.

Citigroup (C: Research, Estimates)'s profit was almost a third less than a year earlier, but still above analysts' expectations. The nation's biggest financial services company also said it expects percentage earnings growth for this year to be in the double digits. But the stock lost almost 2 percent.

Similarly strong earnings news from 3M (MMM: Research, Estimates) provided no comfort to that stock, and shares of Johnson & Johnson (JNJ: Research, Estimates), whose reported profit also topped forecasts, lost more than 1 percent.

Ford (F: Research, Estimates) shares drifted after it turned in a profit that was bigger than expected. The company had lost money in the same quarter a year earlier. Ford also issued an upbeat first-quarter forecast, saying it expects to earn about 20 cents a share, while analysts had been betting on just 5 cents.

Shares of Dow component Alcoa (AA: down $1.01 to $21.14, Research, Estimates) fell nearly 5 percent in reaction to news that fellow aluminum producer Alcan (AL: down $1.60 to $30.03, Research, Estimates) reported a fourth-quarter profit that grew from a year earlier, but was less than what analysts expected.

"Some companies have beat," PartnerRe's Davidson said, "but earnings estimates have been lowered and comparisons are easy on a year-over-year basis, because last year was weak."

Action on the Nasdaq was somewhat less negative.

Telecom stocks got a lift after UBS Warburg upgraded Juniper Networks (JNPR: up $0.50 to $9.00, Research, Estimates) to "buy" from "neutral," citing improved sales in Europe and Asia and continued strength long-term.

But semiconductors abandoned their early rise stemming from a Salomon Smith Barney upgrade of the chip sector to "overweight" from "market weight," due to a call for an improvement in orders in 2003.

Bonds gained, with the benchmark 10-year note adding 10/32 of a point in price, pushing the yield down to 4.01 percent. Bond prices and yields move in opposite directions. The dollar edged lower versus the euro and was higher versus the yen.

Key commodities prices were mixed. Light crude oil for March delivery gained 23 cents to $33.19 a barrel in New York. Earlier in the day, signs appeared that a prolonged strike in major exporter Venezuela might be breaking up. Gold gained 70 cents to $357.50 an ounce, also in New York.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by 11 to 5 as 1.30 billion shares changed hands. On the Nasdaq, decliners outpaced advancers by 5 to 3 as 1.34 billion shares traded.