The Dow Jones Industrial Average fell from record levels Tuesday as traders sifted through the latest earnings reports.
The 30-stock average lost 93 points, or 0.2%. The S&P 500 and Nasdaq Composite hovered around the flatline. Trump Media jumps 8%.
UnitedHealth was down 8% after the company trimmed its full-year earnings outlook. Fellow Dow member Johnson & Johnson shares also fell slightly after the company posted its latest figures. Bank of America ticked 2% higher on better-than-expected results.
Those moves come after a winning day on Wall Street that propelled the S&P 500 and Dow to new intraday highs and record closes. Notably, the Dow added more than 200 points to finish above the 43,000 mark for the first time.
Information technology stocks led the S&P 500 higher in the session, with the sector finishing nearly 1.4% higher. The market got upward momentum from Nvidia’s 2.4% rally, which pushed the artificial intelligence darling to a record close.
“I think we have to acknowledge that the S&P 500 is at least fairly, if not slightly, overvalued,” said Scott Chronert, Citi’s U.S. equity strategist, on CNBC’s “Closing Bell.” “But this can persist as long as the news flow supports it.”
Investors will keep an eye on economic data around manufacturing and consumer expectations. San Francisco Federal Reserve President Mary Daly, Atlanta Fed President Raphael Bostic and Fed Governor Adriana Kugler are expected to deliver remarks throughout the day.
