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The Wall Street record hits the top after the alphabet falls

© Reuters. Traders work on NYSE floor in New York

Shreyashi Sanyal and Sruthi Shankar

LOS ANGELES (Reuters) – OS & P 500 and Nasdaq have retreated from record highs on Tuesday as Google's stock, Alphabet (NASDAQ), fell after a loss of revenue and Apple fell behind results.

The two major indices broke above record highs on Monday as investors rebounded from a highly positive earnings season, benign inflation data and signs of progress in US-China trade talks.

Despite the fall, Nasdaq and Nasdaq are scheduled to record their best monthly earnings since January.

Shares of Alphabet Inc fell 8.28% and were on track for the worst fall since January 2012, after the company also posted the lowest revenue growth in three years.

S & P's communications services sector declined 2.68%, the highest among the top 11 S & P sectors, and kept pace with its biggest percentage decline in four months.

Apple (Nasdaq 🙂 fell 2.09% ahead of results at the end of the day, which will close gains for high-growth stocks of FAANG.

"People are definitely taking some profits out of names like Apple, Google.There could be a" spike "mentality here considering how the indexes are at record levels, people tend to be a bit cautious," said Jeremy Bryan, portfolio manager at Gradient Investments. in Arden Hills, Minnesota.

"Large-cap companies generally report numbers better than expected, but not the type that would accelerate a high."

Limiting losses in the era Chevron Shares of the company rose 2.22% after Warren Buffett's Berkshire Hathaway put $ 10 billion behind Occidental Petroleum's offer by smaller rival Anadarko Petroleum as it tries to get rid of the competition. competition.

On a great day for health, Pfizer A Inc (NYSE 🙂 added 3.26% and Merck & Co Inc rose 2.10% after drugmakers hit quarterly profit estimates.

With more than half of the S & P 500 companies reporting, analysts now expect a 0.7% increase in first-quarter profit, a reversal of an estimated 2% drop earlier this month, according to Refinitiv data.

General Electrical (NYSE 🙂 The Co rose 3.03% after the first quarter profit of the industrial conglomerate rose and lost less money than expected.

Mastercard Inc (NYSE 🙂 rose 2.12% to a record after the company surpassed its quarterly profit estimates.

At 12:50 a.m. the Dow fell 40.87 points, or 0.15%, at 26,513.52. The S & P 500 fell 7.37 points, or 0.25%, to 2,935.66 and fell 73.16 points, or 0.90%, to 8,088.69.

Perrigo Co (NYSE 🙂 Plc slid 8.38%, most among the S & P 500 companies, after a revised notice from the tax authorities proposed an additional liability.

Investors will also pay close attention to the next two rounds of US-China trade talks. US Treasury Secretary Steven Mnuchin said he hoped to make "substantial progress" with Chinese negotiators.

The Fed's two-day meeting starting Tuesday will also be in focus for suggestions on the direction of interest rates.

Declining issues outpaced the advancers to a ratio of 1.12 to 1 on the NYSE and to a ratio of 1.97 to 1 on the Nasdaq.

The S & P index posted 36 new 52 week highs and no further lows, while the Nasdaq recorded 64 new highs and 36 lows.

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