S&P 500 Slips From Record as Banks Kickoff Earnings Season; Powell Eyed 
The S&P 500 closed lower Tuesday, as banks fell even as quarterly results surprised to the upside, while data showed inflation continues to run at its hottest pace in decades ahead of Federal Reserve chairman Jerome Powell's testimony on Wednesday.     
The S&P 500 fell 0.3%, after hitting a record high of 4,392.30 earlier in the day. The Dow Jones Industrial Average slipped 0.3%, or 107 points, though had notched a intraday record of 35,018.79. The Nasdaq was down 0.4%, easing from its intraday record of 14,803.70. 
JPMorgan Chase & Co (NYSE:JPM) and Goldman Sachs (NYSE:GS) got their quarterly earnings underway, with a beat on both the top and bottom lines. But uncertainty over the outlook for loan demand and the backdrop of weaker U.S. bond yields stoked worries about further growth. 
PepsiCo (NASDAQ:PEP) raised its full-year outlook after delivering earnings and revenue that topped analysts' expectations amid strong quarter of growth from its North American beverage business.  
Boeing (NYSE:BA) fell more than 4% after unveiling a new manufacturing quality flaw in its 737 Dreamliners.  

 
European stocks struggled for direction on Tuesday as investors digested hotter-than-expected U.S. inflation data and corporate earnings.  
The pan-European Stoxx 600 index closed little changed, holding near a record high set on Monday, as sectors and major bourses moved in opposite directions. Telecoms were among the biggest gainers, climbing 0.9% on the back of strong corporate results from Finnish telco Nokia. 
Carmaker Volkswagen released a strategy update on Tuesday in which it set out plans for half of all its vehicle sales to be electric by 2030. Shares were off by 1.3%. 
Source: CNBC, Investing.com