US close: Stocks break record run

Wall Street's main market gauges pulled back from their record highs at the start of the week reached during the previous session, although according to analysts sentiment continued to be underpinned by optimism over Trump’s tax plans as investors look forward to a heavy week in terms of corporate earnings.

At the closing bell, the Dow Jones Industrial Average was lower by 0.23% or 54.67 points to 23,273.96, alongside a dip of 0.40% or 10.23 points to 2,564.98 for the S&P 500 while the Nasdaq Composite was off by 0.64% or 42.23 points to 6,586.83.

Craig Erlam, senior market analyst at Oanda, said: "sentiment remains very positive as we head into a key week for corporate earnings.

"With 185 S&P 500 companies due to report on the third quarter this week, earnings will naturally be a key factor when it comes to the sustainability of the stock market rally. Global risk appetite remains strong though and investors are becoming increasingly optimistic about the economic outlook. Add tailwinds such as US tax reform into the mix and despite lingering geopolitical and political risks, the rally may have some way to go yet."

There was little in the way of fresh economic data to be had aside from the Federal Reserve bank of Chicago's national activity index.

The three-month moving average for the gauge was steady in September at a reading of -0.16.

On the corporate front, disk-drive manufacturer Seagate Technology was in the headlines, with shares up 9% after company published adjuster earnings per share of 96 cents for its fiscal first quarter (consensus: 86 cents).

The company's shares were nevertheless still nursing significant losses for the year-to-date.

Netflix on the other hand was a drag on markets after unveiling plans to issue $1.6bn of senior debt to fund its content acquisition goals.

Celgene was one of the top fallers after abandoning three clinical trials for its GED-0301 therapy for Crohn's disease.

In parallel, stock in CarMax was slightly lower after telling investors it would add 2,000 staff before the year was out.

Elsewhere, electric car maker Tesla skidded lower following a report it has reached an agreement to set up its own manufacturing facility in Shanghai.

Cisco Systems announced its intention to buy software company BroadSoft for $1.73bn.

Dow Jones - Risers

Wal-Mart Stores Inc. (WMT) $88.65 1.38%
Nike Inc. (NKE) $53.66 1.13%
Intel Corp. (INTC) $40.83 0.99%
Johnson & Johnson (JNJ) $143.66 0.86%
Travelers Company Inc. (TRV) $134.45 0.85%
Home Depot Inc. (HD) $164.74 0.80%
American Express Co. (AXP) $92.39 0.31%
Cisco Systems Inc. (CSCO) $34.35 0.29%
Chevron Corp. (CVX) $118.93 0.24%
Caterpillar Inc. (CAT) $131.68 0.24%

Dow Jones - Fallers

General Electric Co. (GE) $22.32 -6.34%
McDonald's Corp. (MCD) $163.34 -1.78%
International Business Machines Corp. (IBM) $159.57 -1.55%
Verizon Communications Inc. (VZ) $48.99 -1.09%
Procter & Gamble Co. (PG) $87.29 -1.08%
Goldman

S&P 500 - Risers

Seagate Technology Plc (STX) $39.35 12.62%
VF Corp. (VFC) $69.95 5.38%
DaVita Inc (DVA) $61.00 2.78%
QUALCOMM Inc. (QCOM) $53.39 2.63%
First Solar Inc. (FSLR) $48.92 2.49%
H&R Block Inc. (HRB) $26.25 2.06%
Western Digital Corp. (WDC) $87.99 1.83%
Kroger Co. (KR) $21.36 1.57%
Centene Corp. (CNC) $97.94 1.54%
Hewlett Packard Enterprise (HPE) $14.25 1.50%

S&P 500 - Fallers

Hasbro Inc (HAS) $89.75 -8.60%
General Electric Co. (GE) $22.32 -6.34%
Spectra Energy Corp. (SE) $15.26 -6.15%
Mallinckrodt Plc Ordinary Shares (MNK) $30.79 -5.03%
Chesapeake Energy Corp. (CHK) $3.62 -5.00%
Southwestern Energy Co. (SWN) $5.14 -4.46%
Hartford Financial Services Group Inc. (HIG) $54.07 -4.30%
Newfield Exploration Co (NFX) $28.52 -4.23%
Under Armour Inc. Class A (UAA) $16.84 -3.66%
Discovery Communications Inc. Class A (DISCA) $19.62 -3.30%

Group Inc. (GS) $242.13 -1.06%
Boeing Co. (BA) $262.32 -0.92%
Merck & Co. Inc. (MRK) $63.40 -0.75%
Walt Disney Co. (DIS) $98.76 -0.64%
Unitedhealth Group Inc. (UNH) $207.01 -0.23%

Nasdaq 100 - Risers

Seagate Technology Plc (STX) $39.35 12.62%
QUALCOMM Inc. (QCOM) $53.39 2.63%
Western Digital Corp. (WDC) $87.99 1.83%
T-Mobile Us, Inc. (TMUS) $61.47 1.67%
Fastenal Co. (FAST) $48.92 1.10%
Texas Instruments Inc (TXN) $96.21 1.08%
Intuitive Surgical Inc. (ISRG) $373.52 1.07%
Intel Corp. (INTC) $40.83 0.99%
Automatic Data Processing Inc. (ADP) $117.01 0.93%
Celgene Corp. (CELG) $122.37 0.86%

Nasdaq 100 - Fallers

Hasbro Inc (HAS) $89.75 -8.60%
Mercadolibre Inc. (MELI) $226.35 -3.98%
Discovery Communications Inc. Class A (DISCA) $19.62 -3.30%
Mattel Inc. (MAT) $15.46 -3.19%
Discovery Communications Inc. Class C (DISCK) $18.66 -3.12%
Twenty-First Century Fox Inc Class B (FOX) $26.01 -3.09%
Twenty-First Century Fox Inc Class A (FOXA) $26.69 -2.95%
Biogen Inc (BIIB) $328.55 -2.82%
Alexion Pharmaceuticals Inc. (ALXN) $135.20 -2.75%
Tesla Inc (TSLA) $337.02 -2.34%