U.S. stocks slipped from record highs while investors weighed the start of corporate earnings season and an influx of bond supply that loom as speedbumps to a roaring rally.
Intel Corp. led tech shares lower after Nvidia Corp. said it’s offering the company’s first server microprocessors, extending a push into Intel’s most lucrative market. The S&P 500 dipped into negative territory in the wake of a third straight week of gains for the benchmark index. In Europe, the Stoxx Europe 600 Index weakened.
Yields were mostly higher as the U.S. Treasury auctioned three- and 10-year notes at slightly lower demand than the previous sales of the securities. The government will offer 30-year bonds tomorrow.
“We’re just kind of digesting,” said Marc Odo, client portfolio manager at Swan Global Investments. “This quiet period is just everyone digesting the first quarter and all of the news coming out of Washington about fiscal policy and monetary policy.”
