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NEW YORK: Wall Street stocks edged lower early Monday, digesting mixed earnings and another setback for Boeing as the S&P 500 retreated from a record.

The pullback came as investors fret over lofty equity valuations partly premised on an imminent Federal Reserve interest rate cut that now looks unlikely.

“There has been a little giveback for the broader market this morning, as market participants deliberate over stretched valuations, rising rates and budding skepticism about the market rally continuing largely unabated,” said Briefing.com analyst Patrick O’Hare.

Wall Street climbs on tech earnings cheer

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 38,491.90.

The broad-based S&P 500 shed 0.3 percent to 4,945.23, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 15,586.84.

Caterpillar jumped nearly five percent after reporting quarterly profits that easily topped analyst estimates as the industrial giant pointed to record annual revenues.

But McDonald’s shares fell 2.8 percent as it reported higher quarterly profits, but weaker sales growth compared with recent quarters. This was partly due to a sales hit in the Middle East because of war in the region.

Boeing dropped 2.1 percent as it learned of new problems with the fuselage of its flagship 737 model which, while not posing an immediate in-flight danger, will likely slow deliveries.

Estee Lauder surged 13.2 percent after the cosmetics giant announced it would cut 3,000 jobs following a drop in sales due to weakness in Asia.

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