U.S. stocks opened lower Tuesday as investors took a breather after the Dow Jones Industrial Average and the S&P 500 repeatedly refreshing record highs.
Both the broader S&P 500 and the blue-chip Dow set new all-time highs on Monday, as investors calmly greeted a batch of economic data that came out mixed.
The S&P 500 hit a new record intraday high of 1,925.88 points Monday before finishing at a record close of 1,924.97 points. Meanwhile, the Dow also logged an all-time intraday high of 16,756.64 points and a record close of 16,743.63 points.
With a light economic calendar, investors are able to take some time to analyze reasons for the stock market's recent rally.
The U.S. Commerce Department is scheduled to release U.S. factory orders for April later in the morning session Tuesday.
The most closely-watched data of this week is the Labor Department's non-farm payroll report for May due out Friday.
Analysts expected U.S. unemployment rate to edge up to 6.4 percent in May from a five-and-a-half-year low of 6.3 percent in April.
Moreover, major U.S. auto makers are expected to post vehicle sales for May throughout the day.
General Motors Co. (GM) said Tuesday that its dealers delivered 284,694 vehicles in the United States in May, up 13 percent compared to a year ago, marking the company's best total sales since August 2008. Shares of the company rose 0.63 percent to trade at 35.08 dollars apiece in the morning session.
Chrysler Group LLC reported a 17-percent increase in its U.S. auto sales in May from a year ago, marking its best May sales since 2007.
Shortly after the opening bell, the Dow slipped 44.12 points, or 0.26 percent, to 16,699.51. The broader S&P 500 dropped 5.58 points, or 0.29 percent, to 1,919.39. The Nasdaq Composite Index lost 18.21 points, or 0.43 percent, to 4,218.99.