Stocks slide on earnings

NEW YORK (CNNMoney.com) -- Tech stocks slumped and the broader market struggled Tuesday morning, as concerns about Yahoo and IBM's earnings vied with relief about results from JP Morgan and Intel.

A plunging dollar added to the pressure, with the greenback falling versus the euro and yen and hitting a 26-year low against the pound.

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The tech-fueled Nasdaq (Charts) composite lost 0.3 percent around 90 minutes into the session. The Dow Jones industrial average (down 13.41 to 12,759.63, Charts) lost a few points, pulling back after flirting with a new all-time high in the previous session. The broader S&P 500 (down 0.86 to 1,470.62, Charts) index was barely changed after ending the previous session at a fresh 6-1/2 year high.

Stocks surged Tuesday as investors welcomed upbeat earnings from Dow components Coca-Cola (Charts) and Johnson & Johnson (Charts).

But the earnings picture was more mixed Wednesday, and so was the market.

After the close Tuesday, IBM reported higher quarterly earnings that met estimates and higher sales that topped forecasts. IBM also reiterated its earlier 2007 earnings forecast.

However, analysts focused on the company's sluggish U.S. sales growth and both Credit Suisse First Boston and Goldman Sachs downgraded the stock Wednesday morning, Reuters reported. IBM (down $2.29 to $94.83, Charts) shares fell 2.4 percent.

Also late Tuesday, Yahoo (down $3.79 to $28.30, Charts) reported results. The search engine behemoth reported quarterly revenue and earnings that were short of forecasts, sending shares 12 percent lower Wednesday morning.

Intel (up $0.26 to $21.24, Charts) reported higher first-quarter earnings that met estimates on lower revenue that missed forecasts late Tuesday. The company also said that gross margins, a key measure of profitability, rose in the quarter. Shares gained 1 percent Wednesday morning.

On Wednesday morning, JP Morgan Chase (up $2.02 to $52.20, Charts) reported higher quarterly earnings that topped estimates, sending shares almost 4 percent higher and protecting the Dow from bigger losses.

Fellow Dow component Caterpillar (up $0.94 to $68.60, Charts) gained on a Wachovia upgrade, Reuters reported. The heavy equipment manufacturer is due to report results Friday.

Linear Technology (up $3.81 to $35.93, Charts) jumped 11 percent in active Nasdaq trade after the chipmaker late Tuesday reported a decline in quarterly earnings that was in line with expectations and also announced a $3 billion stock buyback plan.

Market breadth was negative. On the New York Stock Exchange, losers beat winners 4 to 3 on volume of 480 million shares. On the Nasdaq, decliners topped advancers 4 to 3 on volume of 720 million shares.

U.S. light crude oil for May delivery fell 8 cents to $63.02 a barrel on the New York Mercantile Exchange, declining a bit after the release of the weekly oil inventory report.

Treasury prices climbed, lowering the yield on the benchmark 10-year note to 4.65 percent from 4.68 percent late Tuesday. Bond prices and yields move in opposite directions.