U.S. stocks slipped on Tuesday, easing from the previous session's hefty gains as concerns lingered about how Greece will get its budget deficit under control.
The biggest winners from the previous session were among Tuesday's biggest losers, with the S&P financial index <.GSPF> giving up 0.8 percent, while JPMorgan Chase & Co fell 0.8 percent to $41.61. Stocks scored their biggest one-day gain in more than a year on Monday after European leaders agreed to a $1 trillion emergency rescue package to stabilize the euro zone currency.
But concerns about the high debt loads of some euro zone nations remained. The International Monetary Fund said on Tuesday that while Greece's public debt is sustainable over the medium term, persistent low growth, or even a moderate economic jolt, could set back the country.
The overriding question has been, 'When all is said and done, can they cut their deficit in a meaningful way?' said Quincy Krosby, market strategist with Prudential Financial in Newark, New Jersey.
The Dow Jones industrial average <.DJI> slipped 28.80 points, or 0.27 percent, to 10,756.34. The Standard & Poor's 500 Index <.SPX> eased 3.61 points, or 0.31 percent, to 1,156.12. The Nasdaq Composite Index <.IXIC> was off 6.50 points, or 0.27 percent, to 2,368.17.
The S&P 500 gave up only a small amount of Monday's more than 4 percent gain, though declining stocks outpaced advancing ones on the New York Stock Exchange by 2 to 1.
On the heels of last week's dramatic intraday plunge in U.S. markets, an agreement to adopt new, market-wide circuit breakers to halt extreme drops in individual stocks is a done deal, a source told Reuters.
On the economic front, data showed U.S. wholesale inventories rose for a third straight month in March to their highest in eight months.
(Editing by Padraic Cassidy)