A weak start on Wall Street pulls S&P 500 below record high

Stocks were slightly lower in early trading Tuesday as investors pored over the latest batch of company earnings.

The S&P 500 was down 0.2% as of 10:05 a.m. Eastern. The Dow Jones Industrial Average was mostly unchanged and the Nasdaq was down 0.3%. The S&P 500 index is trading just below the record high it reached a day earlier.

UPS soared 11% after reporting another surge in delivery volumes as well as profits that came in well ahead of what investors were expecting.

Tesla, whose stock has been soaring over the past year, fell 4% despite reporting stronger sales of electric vehicles.

General Electric fell 3% after the troubled industrial giant reported a double-digit drop in revenue and a quarter loss, as the company continues to struggle in its turnaround plan. GE’s stock has been volatile this year, soaring as much as 80%.

This will be the busiest week for earnings so far this season. Investors expect U.S. corporate results due out this week to show stronger profits as coronavirus vaccines are rolled out and as consumer spending strengthens.

The Federal Reserve starts a two-day policy meeting Tuesday. Investors expect the U.S. central bank to keep its key lending rate close to zero and inject more money into the financial system through bond purchases.

Also in Washington, Wall Street will be paying attention to President Joe Biden’s speech to a joint session of Congress on Wednesday. The speech is expected to lay out several parts of President Biden’s agenda, which will include increased infrastructure spending, likely higher taxes on the wealthy as well as higher funding for government programs.