Wall Street stocks dipped early on Tuesday, edging back from recent records following muted Federal Reserve commentary and mixed earnings.

Fed governor Christopher Waller welcomed last week's consumer price index report that showed moderating inflation, while adding that "several" months of additional data were needed before interest rates should be cut.

Among companies reporting results, Macy's climbed after its report, while both Lowe's and Palo Alto Networks pulled back.

About 15 minutes into trading, the Dow Jones was essentially flat at 39,824.

The S&P 500 slipped 0.1 percent to 5,305, while the Nasdaq declined 0.3 percent to 16,749, retreating from Monday's all-time high.

"Markets are hunting for catalysts and drifting as they wait," said a note from Art Hogan, chief market strategist at B Riley Wealth.

Among individual companies, Lam Research rose 1.1 percent after the semiconductor company announced a stock split and the authorisation of up to US$10 billion in share repurchases. (AFP)