Wall Street dips as Tesla, 3M weigh; big tech earnings in focus

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Lackluster results from Tesla and 3M dragged Wall Street's main indexes lower on Tuesday, shifting investor focus to earnings from big technology companies, including Microsoft and Alphabet, later in the day.

First-quarter overall earnings for S&P 500 companies are expected to jump 35.1% from a year earlier, according to Refinitiv IBES data.

The S&P 500 and the Nasdaq ended at record levels on Monday, and have mainly been supported by ebbing inflation worries, improving economic data, swift vaccine distribution along with unprecedented monetary and fiscal measures. Meanwhile, investors will monitor the Federal Reserve's two-day meeting for cues on the central bank's thinking on inflation, bond buying and risks to the financial system posed by soaring asset prices. The Fed is not expected to change its policy guidance at the end of the meeting on Wednesday.

In the latest upbeat economic data, U.S. consumer confidence jumped to a 14-month high in April as more services businesses reopened on increased vaccinations and additional fiscal stimulus.

 

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