Major US equity indices retreated from records early Tuesday after shares of several large industrial companies fell following earnings reports.
General Motors sank 6.5 per cent after it reported lower quarterly profits following a $1.1 billion tariff hit, while Lockheed Martin tumbled 7.2 per cent after its results were dented by around $1.7 billion in one-time costs.
CFRA Research鈥檚 Sam Stovall said investors have high expectations for results in light of 鈥榲ery lofty鈥� equity valuations.
About 25 minutes into trading, the broad-based S&P 500 was down 0.2 per cent at 6,290.16, retreating from Monday鈥檚 record close.
The tech-rich Nasdaq Composite Index dropped 0.9 per cent to 20,789.07, while the Dow Jones Industrial Average added 0.2 per cent at 44,404.53.
Markets are looking ahead to reports later this week from Google parent Alphabet and automaker Tesla.
Investors are also monitoring ongoing trade deal news ahead of an August 1 deadline set by President Donald Trump before new tariffs are set to go into effect.
