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WASHINGTON: US stocks declined in early trading Tuesday, as two banking giants reported earnings results and government bond yields inched higher.

Around 10 minutes into trading on Wall Street, the Dow Jones Industrial Average was down 0.6 percent at 37,383.35, while the broad-based S&P 500 index was 0.5 percent lower at 4,758.43.

The tech-rich Nasdaq Composite Index was also trading down 0.6 percent at 14,882.07 on the first trading day of the week following a public holiday on Monday.

Wall Street Week Ahead: Red Sea tensions put focus on struggling US energy stocks

Fresh data published by the New York Federal Reserve on Tuesday showed a sharp drop in business activity in the state, underscoring the ongoing impact of high interest rates on companies in one of the richest states in the country.

“The plunge in the headline index, to its lowest level since May 2020, will no doubt generate alarmist headlines,” Pantheon Macroeconomics senior US economist Kieran Clancy wrote in a note to clients.

“But remember that month-to-month swings in the regional Fed manufacturing surveys are mostly noise,” he added.

Among individual stocks, investment banking giant Goldman Sachs was trading around 0.2 percent lower after its earnings results.

Fellow banking colossus Morgan Stanley was down more than 3.2 percent despite strong earnings, after its chief executive warned of geopolitical risks ahead.

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