Earnings season is in high gear, but generally solid earnings reports haven't given investors enough reason to bid stocks up today. The Dow Jones Industrial Average (DJINDICES:^DJI) has fallen 0.3% late in trading, and the S&P 500 (SNPINDEX:^GSPC) is down 0.48%.

The biggest loser on the Dow today is Coca-Cola (NYSE:KO), which has dropped 2.1% after reporting a 4% decline in earnings to $2.68 billion, or $0.59 per share. Adjusted earnings of $0.63 per share met estimates, but investors were surprised to see that revenue fell 2.6%, and there's growing concern that the soft-drink business is in a long-term decline. 

Dow component Johnson & Johnson (NYSE:JNJ) reported results that were well ahead of estimates, but the stock is flat as I write. The company said adjusted earnings rose 14% to $1.48, which was $0.09 ahead of estimates, while revenue rose 8.5% to $17.88 billion. Medical companies have struggled against the cost pressures on the industry, so it was especially encouraging that Johnson & Johnson's pharmaceutical business saw 12% growth to lead the company. The medical industry is volatile right now, but Johnson & Johnson is big and diverse enough to navigate these waters, just as it did during the second quarter.  

Finally, more financial earnings are pouring in, and it was a blockbuster quarter for the industry. Goldman Sachs (NYSE:GS) said net income doubled to $1.93 billion on the back of strong trading and investment-banking activities. But shares have fallen 1.7% today because investors are concerned that huge trading gains won't come easily as the Federal Reserve slows down its bond-buying program. Revenue from fixed income, currency, and commodity trading fell from $3.22 billion in the first quarter to $2.82 billion last quarter, and we could see that slowdown continue as rates rise. All in all, it was still a great quarter, investors aren't gobbling it up today.