U.S. stock index futures fell during overnight trading on Tuesday after the major averages pulled back from record highs, snapping a five-day winning streak. Futures contracts tied to the Dow Jones Industrial Average slid 55 points, or 0.16%. S&P 500 futures were down 0.14%, while Nasdaq 100 futures fell 0.20%.
During regular trading the S&P dipped 0.47%, while the Dow shed 85.79 points, or 0.24%. At the lows of the day the 30-stock benchmark dipped more than 260 points. The Nasdaq Composite declined 1.21% for its worst daily performance since May 12. All three major averages finished Monday’s session at record highs.
A host of megacap tech names reported quarterly results on Tuesday after the market closed, including Apple, which beat top- and bottom-line estimates and said iPhone sales jumped 50% year over year. Google-parent Alphabet also posted quarterly results, registering a 69% jump in advertising revenue, while Microsoft beat earnings despite a dip in revenue from its Windows division.
The busiest week of earnings continues on Wednesday with Pfizer, McDonald’s, Qualcomm, Facebook, Ford and PayPal among the names on deck. Of the S&P 500 companies that have reported quarterly results thus far, 89% have topped earnings estimates, while 86% have exceeded revenue expectations, according to data from Refinitiv. Despite Tuesday’s dip, the major averages are still on track to end the month higher. The S&P is up 2.4% for July, while the Nasdaq Composite and Dow have gained 1.1% and 1.6%, respectively.