US stocks drift lower in morning trading

Stocks drifted lower in morning trading today, giving up an early gain. Investors pored over corporate earnings from Johnson & Johnson, Coca-Cola and others, but also were weighing rising tensions in Ukraine and a survey showing that homebuilders' confidence in the housing market remains low.

The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,828 as of 11:31 a.m. Eastern Time. The Dow Jones industrial average shed 14 points, or 0.1 percent, to 16,158. The Nasdaq dropped 35 points, or 0.9 percent, to 3,987.

A key gauge of U.S. homebuilders' confidence in the housing market rose modestly in April but remained low for the third straight month. The National Association of Home Builders/Wells Fargo builder sentiment index edged up to 47 this month from 46 in March.

Readings below 50 mean builders view sales conditions as poor. Builders expect sales to improve over the spring and summer. The survey results sent homebuilders lower. Ryland Group was among the biggest decliners. Ryland fell 86 cents, or 2.2 percent, to $37.97.