US stocks hit their lowest level in three months on Tuesday as investors weighed a handful of mixed earnings reports, a rally in financials and new data showing the continuation of a slump in house prices and consumer confidence.

The day began in downbeat fashion after UPS, the world’s largest shipping carrier, cut its earnings expectations for the second quarter, blaming slowing US growth and higher fuel costs. UPS is often seen as an industrial bellwether because its business depends on the levels of activity in the broader economy.