The S&P 500 Index slipped from a record as investors were circumspect on the prospects for further gains following a mix of corporate earnings reports.
The recent record run for equities hit some headwinds as Netflix Inc. tumbled 14 percent after subscriber growth disappointed, and Philip Morris International Inc. dropped 3.5 percent after its earnings missed forecasts as the strong dollar hurt sales outside of the U.S. Johnson & Johnson provided some offset, climbing 1.5 percent after its quarterly profit beat estimates.
The S&P 500 Index declined 0.2 percent to 2,161.63 at 12:49 p.m. in New York, after the gauge closed at an all-time high Monday for the fifth time in six days. The Dow Jones Industrial Average slipped 2.63 points to 18,530.42, with its losses muted by J&J’s gains, while McDonald’s Corp. increased 1.7 percent. The Nasdaq Composite Index fell 0.3 percent. Trading volume in S&P 500 shares was 9 percent below the 30-day average for this time of day.