US STOCKS-Wall Street pulls back modestly from record close

martes 3 de junio de 2014 10:17 GYT

* Dow, S&P 500 ended at records on Monday

* Semiconductors rally, Skyworks lifts outlook

* Pilgrim's raises buyout offer for Hillshire

* Indexes down: Dow 0.2 pct, S&P 0.1 pct, Nasdaq flat (Updates to open)

By Ryan Vlastelica

NEW YORK, June 3 (Reuters) - U.S. stocks edged lower in early trading on Tuesday, receding from record levels as traders found few reasons to buy following a string of gains.

The day's losses were broad but largely slight. Nine of the ten primary S&P 500 sectors were down on the day, led by telecom , which lost 0.7 percent. Slightly more than 60 percent of stocks traded on both the New York Stock Exchange and the Nasdaq fell on the day.

The Dow and S&P 500 had closed at records on Monday; that was the benchmark S&P's third consecutive record. However, recent advances have come in light trading, indicating the rally has lacked conviction.

"Valuations are elevated, and therefore anything that looks soft gives the market pause," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "Recent data has collectively suggested things are decent, which is fertile for stocks, though more in the long-term than right now."   Continuación...