US: S&P 500, Nasdaq pull back from records

[NEW YORK] Major US indices pulled back from records early Tuesday following mixed banking earnings and after the US removed its currency manipulator label on China, a sign of further mellowing of trade relations.

JPMorgan Chase and Citigroup both rose more than two per cent after reporting better-than-expected results but Wells Fargo fell 3.5 per cent after another earnings stumble and signaled it expects cost cuts.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,926.14, up 0.1 per cent.

The broad-based S&P 500 shed 0.2 per cent to 3,282.64, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 9,250.25.

US data showed only modest consumer inflation in December when food and fuel categories were stripped out, a dynamic unlikely to alter the Federal Reserve's stance of keeping interest rates steady.

AFP