Singapore Markets open in 3 hrs 40 mins

S&P 500, Nasdaq pull back from records

Major US indices pulled back from records early Tuesday following mixed banking earnings and after the US removed its currency manipulator label on China, a sign of further mellowing of trade relations.

JPMorgan Chase and Citigroup both rose more than two percent after reporting better-than-expected results but Wells Fargo fell 3.5 percent after another earnings stumble and signaled it expects cost cuts.

Analysts welcomed Washington's move to drop its accusation that China manipulates its currency ahead of the expected signing of a "phase one" trade deal Wednesday.

But they said the stock market's reticence early Tuesday was a sign it is digesting recent gains after both the S&P 500 and Nasdaq ended at records on Monday.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,926.14, up 0.1 percent.

The broad-based S&P 500 shed 0.2 percent to 3,282.64, while the tech-rich Nasdaq Composite Index dropped 0.3 percent to 9,250.25.

US data showed only modest consumer inflation in December when food and fuel categories were stripped out, a dynamic unlikely to alter the Federal Reserve's stance of keeping interest rates steady.

Among other companies reporting results, Delta Air Lines surged 3.4 percent after reporting better-than-expected fourth-quarter profits on strong consumer demand and lower fuel costs.