US stocks slip from record highs as tech sell-off overshadows blockbuster bank earnings

US stocks slip from record highs as tech sell-off overshadows blockbuster bank earnings

US stocks edged back from record highs Wednesday, with the S&P 500 index hurt as technology shares lost ground while earnings beats by big banks helped fuel gains in the financial sector.

The equity market was choppy after the S&P 500 began at a record high. The Dow Jones Industrial Average hit a record intraday high, powered by gains for Goldman Sachs, which beatrevenue and profit expectations on strong trading and investment banking revenue. JP Morgan Chase and Wells Fargo also turned in profit that surpassed Wall Street's targets.

Here's where US indexes stood at 4 p.m. on Wednesday:

The earnings beats by the banks "put recovery stocks right back on track. Nasdaq is negative today “¦ retail is up, banks are up, energy is up and we're back to those value stocks," Eric Diton, president and managing director of investment advisory firm The Wealth Alliance, told Insider. Value stocks "still have a tremendous amount of catch-up to play and in every economic recovery, value outperforms and it's happening now."

Wall Street also turned its attention to Coinbase, the first cryptocurrency exchange to make a public debut. Shares began trading midday at $381, and popped 13% to an intraday high of $429.54.

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