US: Stocks retreat from records ahead of Trump speech

[NEW YORK] Wall Street stocks dipped early Tuesday, retreating from records ahead of a major congressional address by President Donald Trump that is expected to lay out his administration's priorities.

Mr Trump has said he will boost military spending, while cutting back on social spending programs. The market is also looking for details from Trump on a tax cut plan, the promise of which has propelled US stocks to record highs since the US presidential election.

About 15 minutes into trade, the Dow Jones Industrial Average was at 20,826.37, down 0.1 per cent.

The broad-based S&P 500 lost 0.2 per cent at 2,366.31, while the tech-rich Nasdaq Composite Index fell 0.2 per cent to 5,849.28.

Both the Dow and S&P 500 closed at records on Monday.

AFP