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Stocks slipped from record levels on Wednesday as Wall Street digested a mixed batch of corporate earnings.
The Dow Jones Industrial Average lost 56.76 points to 26,599.63
The S&P 500 slid 6.43 points to 2,927.25, as the energy and communication sectors underperformed.
The NASDAQ Composite docked 18.81 from Tuesday’s record close, to 8,102.02
Caterpillar shares fell 3% despite the company posting better-than-expected quarterly earnings. The industrial giant’s CFO warned of a possible slowdown in its China business, overshadowing Caterpillar’s strong report.
AT&T, meanwhile, fell more than 4% after posting first-quarter revenue numbers that disappointed investors. The company’s revenue was dragged down by weak sales in its WarnerMedia division.
Domino’s Pizza, meanwhile, rose 4.9% on stronger-than-forecast quarterly results. Shares of eBay also gained 5% on earnings that topped expectations.
Facebook and Microsoft were among the companies set to report later on Wednesday, while Amazon is scheduled to release its results on Thursday.
Nearly 130 S&P 500 companies have reported calendar first-quarter earnings so far. Of those companies, 78% have reported better-than-forecast profits
Prices for the benchmark 10-year U.S. Treasury sprang upward, lowering yields to 2.52% from Tuesday’s 2.57%. Treasury prices and yields move in opposite directions.
Oil prices slid 56 cents to $65.74 U.S. a barrel.
Gold prices gained $4.80 to $1,278.00 U.S. an ounce.
