US stocks today: Wall Street slip from record highs; earnings season opens on mixed note

Wall Street edged lower on Tuesday as a mixed start to the latest earnings season and a largely expected inflation update failed to give markets clear direction.The S&P 500 slipped 0.3 per cent, while the Dow Jones Industrial Average fell 244 points, or 0.5 per cent, by mid-morning trade.

The Nasdaq composite was down 0.4 per cent. Both the S&P 500 and the Dow were coming off record highs.Investors are closely watching corporate results, with companies under pressure to justify elevated stock prices. Analysts expect firms in the S&P 500 to post earnings growth of 8.3 per cent year-on-year for the final quarter of 2025, as per FactSet data cited by news agency AP.JPMorgan Chase weighed on the market after reporting profit and revenue below expectations.

Its shares fell 2.5 per cent, though the miss may partly reflect a one-time earnings hit linked to its purchase of the Apple Card credit card portfolio, according to AP.Despite this, CEO Jamie Dimon struck an optimistic tone, saying “consumers continue to spend, and businesses generally remain healthy.”Delta Air Lines slipped 0.6 per cent despite beating profit estimates, as its revenue and 2026 profit outlook disappointed investors..

Chipotle Mexican Grill dropped 3.7 per cent after announcing it is searching for a new chief marketing officer.Gains were led by select stocks. Revvity surged 7.4 per cent after raising its full-year profit outlook, while Cardinal Health climbed 4.2 per cent after boosting its earnings forecast. Defence major L3Harris Technologies rose 3.1 per cent after unveiling plans to spin off its Missile Solutions unit through an IPO, with a $1 billion US government investment.Inflation data also shaped sentiment. US consumer prices rose 2.7 per cent year-on-year in December, in line with expectations. Analysts said the data keeps alive hopes of interest rate cuts in 2026. “Even though there was no change from the last report, it was better than what was expected,” Sam Stovall of CFRA Research was quoted as saying by news agency AFP.Bond yields eased, with the 10-year Treasury slipping to 4.17 per cent, while global markets were mixed. Japan’s Nikkei 225 jumped 3.1 per cent to a record high, supported by gains in technology stocks.