Wall Street slips in early trading; gold hovers near record

FILE - In a Friday, May 1, 2020 file photo, NYPD officers walk along a sparsely populated Wall Street, in the Manhattan borough of New York. The devastation rocking the economy becomes more clear by the week with reports continually showing how many million workers have lost their jobs due to the coronavirus outbreak. Wall Street sees that pain, but it already sent the U.S. stock market down by a third more than a month ago on anticipation of that. Now, it’s looking further ahead and sees a future that’s not as bad as this horrific present. That’s why stocks just had their best month in a generation. Whether they’re correct is still to be determined. (AP Photo/John Minchillo, File)

NEW YORK (AP) — Stocks are drifting lower in early trading on Wall Street Tuesday following a mixed set of earnings reports from big U.S. companies. The S&P 500 was down 0.4% after the first 20 minutes of trading, while Treasury yields were holding relatively steady and gold inched a bit further into record heights. 3M was a particularly heavy weight on the Dow, which sank 164 points. The maker of n95 masks reported a profit for the latest quarter that fell shy of analysts’ expectations. McDonald’s also dropped after reporting earnings for the spring that were weaker than Wall Street had forecast.