Wall Street dips ahead of Donald Trump's speech

US stocks dipped Tuesday morning, pulled lower by financial and consumer discretionary names, and as investors focused on President Donald Trump's first speech to a joint session of Congress.

Trump's promises of tax reform, infrastructure spending and simpler regulations have sparked a post-election rally that has propelled the main US market indexes to record highs.

The address at 9:00 pm ET (0200 GMT) could touch on tax reforms, defence spending and his plans to overhaul the US healthcare system.

Indicating investors' focus on Trump's speech for clues on how he planned to implement his agenda, reaction was largely muted to data that showed US economic growth slowed in the fourth quarter.

"If he gives minimal detail this evening, then perhaps we might get a little bit wind out of the sails on this recent equity move," said Erik Wytenus, global investment specialist at JP Morgan Private Bank.

Trump's comments on "big" infrastructure spending on Monday helped the Dow Jones Industrial Average mark its 12 straight record close, a feat not seen since 1987.

At 9:42 am ET the Dow Jones Industrial Average was down 19.01 points, or 0.09 per cent, at 20,818.43, the S&P 500 was down 3.86 points, or 0.16 per cent, at 2,365.89 and the Nasdaq Composite was down 11.68 points, or 0.2 per cent, at 5,850.22.

Nine of the 11 major S&P sectors were lower, with financials dropping the most by 0.3 per cent.

Charles Schwab was the top drag on the financial sector after the company said it would reduce its ETF trade and online equity commissions, following similar cuts by Fidelity Investments.

Target was the biggest percentage loser on the S&P, dropping 13.2 per cent after the big-box retailer warned sales could continue to decline this year. Shares of bigger rival Wal-Mart were off 2.3 per cent.

Perrigo dropped 10 per cent to $75.72 after the drugmaker said it would delay filing its annual report and would review past accounting practices.

Priceline was the top stock on the S&P, with a 5.8 percent gain at $1,728.50, following quarterly revenue that blew past estimates.

Declining issues outnumbered advancers on the NYSE by 1,656 to 965. On the Nasdaq, 1,672 issues fell and 647 advanced.

The S&P 500 index showed 25 new 52-week highs and four new lows, while the Nasdaq recorded 52 new highs and 21 new lows.