Wall Street Slips, Pulling Dow Below Record High

NEW YORK (AP) -- Stocks mostly edged lower Tuesday, but the Dow Jones Industrial Average a hovered around the record high it set a day earlier.

The S&P 500 fell 0.1% in morning trading. The Dow Jones Industrial Average shed 50 points, or 0.1%, a day after setting a record high. The Nasdaq slipped 0.3% as of 9:59 a.m. Eastern.

Technology stocks were the biggest weights on the market for a second straight day. Microsoft fell 0.7% and Apple slipped 0.4%. The stocks have an outsized impact on the broader market because of their big values.

Semiconductor company Nvidia, with a total value topping $3 trillion, reports its latest financial results on Wednesday. It rose 0.3%.

The parent company of the Paramount movie studio sank 5.8% after Edgar Bronfman Jr., the former head of Warner Music Group, abandoned his bid for the company, clearing the way for it to be acquired by the media company Skydance.

Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 3.86% from 3.82% late Monday.

The key economic report for investors this week will come on Friday, when the government serves up its latest data on inflation with the PCE, or personal consumption and expenditures report, for July.

Germany's DAX picked up 0.4% following a report that the country's second-quarter gross domestic product fell by 0.1% from the previous quarter.

China's industrial profits jumped 4.1% in July compared to the previous year, with overall profits for the first seven months increasing 3.6%, bringing hopes to the market amid sluggish domestic demand, a housing downturn and employment worries.

But additional tariffs on China are clouding its manufacturing prospects. Canada announced a 100% tariff on the import of Chinese electric vehicles and a 25% tariff on Chinese steel and aluminum on Monday, with the measures set to take effect on Oct. 1.

Markets in Asia were mixed.