U.S. stocks dipped on Tuesday, a day after Alcoa posted in-line earnings but lower-than-expected revenues, as investors sought more evidence to justify the lofty levels on Wall Street.
You get your feet wet, and Alcoa was weaker on revenue, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio.
(Overall corporate) earnings will probably beat, but the bottom line is the revenue numbers. That's what we want to see, some impressive growth, and that is what we are going to focus on without question as we continue to digest earnings the next couple of weeks.
The Dow Jones industrial average <.DJI> dropped 15.34 points, or 0.14 percent, to 10,990.47. The Standard & Poor's 500 Index <.SPX> shed 3.91 points, or 0.33 percent, to 1,192.57. The Nasdaq Composite Index <.IXIC> fell 4.15 points, or 0.17 percent, to 2,453.72.
The S&P 500 has risen nearly 40 percent over the past year and is up more than 76 percent from the 12-year lows reached in March.
After the markets close on Tuesday, Intel Corp
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)