Wall Street stocks were under pressure early Tuesday after notching all-time records in the prior session as investors weighed talk of an “overbought” market.
“The market is increasingly becoming overbought,” said Quincy Krosby of LPL Financial.
“When you have a scenario like that, typically you will see a pullback,” Krosby said, adding that an early-December retreat could create room for gains later in the month.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 44,696.76.
The broad-based S&P 500 slipped 0.1 percent to 6,041.84, while the tech-rich Nasdaq Composite Index was flat at 19,407.61.
Stocks in recent days have mostly churned higher, shrugging off valuation concerns.
“The S&P 500 has closed higher in nine of the last 10 sessions, and we would argue that the belief the market is due for a consolidation period was present at the start of each of those sessions,” Briefing.com analyst Patrick O’Hare said in a note.
“That expectation, ironically, has served as a catalyst for the ongoing gains.”
Among individual companies AT&T jumped 4.8 percent as it announced $40 billion in shareholder give-backs at an investor day in which it projected revenue and operating earnings growth over the next three years.
United States Steel sank 7.8 percent after President-elect Donald Trump reiterated a pledge to block a takeover of the company by Japan’s Nippon Steel.
