US stocks slip as Walmart earnings disappoint

The Dow and S&P 500 eased off of record highs in early trade Tuesday, as strong US housing data was offset by disappointing Walmart earnings.

About 30 minutes into trade, the Dow Jones Industrial Average stood at 18,295.62, down 3.26 points (0.02 percent). The S&P 500 was at 2,129.02, down 0.18 (0.01 percent)

The tech-rich Nasdaq Composite Index meanwhile added 3.63 (0.07 percent) at 5,082.07.

Both the Dow and S&P 500 closed at records Monday.

US housing starts rose 20.2 percent in April from March to an annual rate of 1,135,000 units, the best level for new home construction since November 2007.

But Dow member Wal-Mart Stores fell 3.4 percent after reporting a seven percent decline to $3.3 billion in earnings for the quarter ending April 30. The results translated into $1.03 per share, a penny shy of analyst expectations.

Home Depot, another Dow member, rose 0.5 percent after first-quarter net income jumped 14.5 percent to $1.6 billion. The home improvement retailer lifted its profit forecast after comparable sales surged 6.1 percent in the quarter.

Urban Outfitters, a youth apparel retailer, dived 16.9 percent as net income fell 12.5 percent to $32.8 million for the quarter ending April 30.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.29 percent from 2.23 percent Monday, while the 30-year advanced to 3.07 percent to 3.03 percent. Bond prices and yields move inversely.