The Nasdaq retreated from a record on Tuesday on a mixed day for stocks as markets looked ahead to upcoming earnings reports from Google parent Alphabet and Tesla.

The two reports on Wednesday are the first of Wall Street's "Magnificent Seven" equities to report this season.

The group was mixed, with drops in Nvidia and other semiconductor equities consistent with profit taking after earlier gains, analysts said.

The Nasdaq fell 0.4 percent to 20,892, snapping a six-day streak of record high finishes.

But the S&P 500 edged up 0.1 percent to 6,309, finishing at a record, while the Dow Jones climbed 0.4 percent to 44,502.

Art Hogan of B Riley Wealth Management described the market as in a "wait and see" mode ahead of earnings from the most influential equities.

Stocks are priced for perfection, Hogan added.

"It's a difficult earnings season where expectations are really low but stocks are already priced very high," he said.

Among individual companies, General Motors dropped 8.1 percent despite reporting better than expected quarterly earnings.

While the automaker confirmed its full-year forecast, it said profitability in the second half of 2025 would lag the first part of the year, in part due to the increased impact of tariffs.

Lockheed Martin was another big loser, shedding 10.8 percent after its results were dented by around US$1.7 billion in one-time costs.

But DR Horton surged 17 percent after the homebuilder's results topped estimates. Briefing.com said the homebuilder's earnings outperformed competition, establishing it as "a potential leader in navigating the challenging housing market." (AFP)