Overnight on Wall Street, the Nasdaq Composite ended its trading day lower by 0.2% at 8,102.01 after hitting an intraday record. The S&P 500 also slipped 0.2% to 2,927.25, while the Dow Jones Industrial Average closed 59.34 points lower at 26,597.05.
Both the S&P 500 and Nasdaq had posted record closing highs in Tuesday’s session, boosted by strong corporate earnings results from companies like United Technologies, Coca-Cola and Twitter. But stocks slipped from record levels on Wednesday as Wall Street digested a mixed batch of corporate earnings.
Nearly 130 S&P 500 companies reported calendar first-quarter earnings through Tuesday morning. Of those companies, 78% have reported better-than-forecast profits, according to Refinitiv.
Investors are closely watching this corporate earnings season amid fears of contracting profits. Analysts polled by FactSet came into the season expecting a 4.2% decline in S&P 500 earnings. The earnings growth rate of the companies that have reported so far is nearly 2.4%, according to FactSet.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.173 after seeing lows around the 97.6 handle.
— CNBC’s Fred Imbert contributed to this report.