Wall Street slips as data offsets earnings

NEW YORK (Reuters) - Stocks slipped on Monday as gains from Halliburton and Boeing were erased after a homebuilder index fell to its lowest point in more than a year, sparking new fears about the pace of a recovery.

Halliburton Co , which worked on the leaking well in the Gulf of Mexico, reported profit surged 83 percent on strong U.S. onshore drilling. Halliburton shares jumped 3.5 percent to $28.48.

Boeing Co was one of the top boosts to the Dow, rising 1.3 percent to $62.65, after a top executive said the planemaker will announce a significant number of new orders in the coming days. The company has also taken an order for 30 777 wide-bodies from Dubai-based Emirates.

But the market slipped after U.S. homebuilder sentiment fell more than expected in July to the lowest level in more than a year after a popular homebuyer tax credit expired, the National Association of Home Builders said on Monday.

The Dow Jones U.S. Home Construction index <.DJUSHB> shed 1.3 percent, weighed down by a 1.7 percent drop in DR Horton Inc to $9.93.

The Dow Jones industrial average <.DJI> dropped 17.64 points, or 0.17 percent, to 10,080.26. The Standard & Poor's 500 Index <.SPX> shed 2.80 points, or 0.26 percent, to 1,062.08. The Nasdaq Composite Index <.IXIC> lost 6.59 points, or 0.30 percent, to 2,172.46.

Investors will watch quarterly earnings this week as they search for clues on the strength of the recovery in light of disappointing economic data recently. This week, 12 Dow components and 122 S&P 500 companies are set to report quarterly results.

"The real focus is going to be on earnings," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco. "It's kind of open season, whichever way the news comes is the way the market is going to work."

After the closing bell, technology bellwether International Business Machines Corp will report results, with analysts worrying it was in danger of missing the average revenue estimate as the weaker euro dents sales in Europe.

Texas Instruments Inc is also due to report.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)

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