The Dow added 104 points on Tuesday, brushing off disappointing guidance from 3M (MMM) and a New York Stock Exchange (NYSE) technical glitch that impacted several blue chips. The S&P 500 closed slightly below breakeven despite struggling for direction for most of the session, while the Nasdaq settled firmly lower, with Microsoft (MSFT) set to report earnings after the bell.

In addition to monitoring the earnings season, traders also unpacked S&P Global flash readings that pointed to contracting manufacturing and services activity in January, though both indexes rose on a monthly basis.

GOLD, OIL PRICES MOVING IN OPPOSITE DIRECTIONS

Oil prices settled sharply lower on Tuesday, following the latest manufacturing and service sectors pointed to contraction, as well as a round of disappointing earnings reports. March-dated crude dropped $1.49, or 1.8%, to settle at $80.13 per barrel.

Meanwhile, gold prices scored a fourth consecutive gain to settle at their highest level since April. Recession fears and the prospect of a less hawkish Federal Reserve also boosted the safe-haven metal. February-dated gold rose $6.80, or roughly 0.4%, to settle at $1,935.40 per ounce.

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