Wall Street dips from record in 'Jason Bourne market'

REUTERS: U.S. stocks dipped on Tuesday, reversing earlier intraday record highs, following a report that the United States would likely maintain tariffs on Chinese goods until after November's presidential election.

The Dow Jones Industrial Average, S&P 500 and Nasdaq each touched intraday record highs before losing ground in afternoon trade. The Dow ended the session with a modest gain. Wells Fargo & Co tumbled 5.4per cent after reporting a slump in profit as it set aside US$1.5 billion for legal expenses. Citigroup Inc rose 1.6per cent as it topped Wall Street profit estimates.

Analysts expect profits at S&P 500 companies to drop 0.5per cent for the second consecutive quarter, according to Refinitiv IBES data, largely due to a drag in energy and industrial earnings that have been hit by the prolonged Sino-U.S. trade war. Pinterest surged 9.6per cent after a report that the online scrapbook's U.S. user base had surpassed Snap Inc's , making it the third-largest social media platform.

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