NEW YORK (TheStreet) -- Much of the Federal Reserve's report on monetary policy was overlooked on Tuesday with most of the attention focused on Chair Janet Yellen's comments that some sectors of the markets, notably biotech and social media, were overvalued.
In prepared remarks, Yellen told the Senate Banking Committee she saw certain sectors as "substantially stretched," sending shares tumbling.
Better-than-expected results out of the banking sector is keeping markets' losses pared. The Dow Jones Industrial Average nudged 0.03% higher to 17,060.68, and the S&P 500 slipped 0.19% to 1,973.28. The Nasdaq tumbled 0.54% to 4,416.39, dragged on by losses in biotech and social media names.
JPMorgan (JPM) popped 3.5% after posting second-quarter earnings of $1.46 a share, 17 cents higher than analysts' estimates. Goldman Sachs (GS) added 1.3% after earnings of $4.10 a share flew past expectations of $3.05.
On the U.S. data front, June retail sales rose less than expected, up 0.2% vs. the average estimate of 0.6%. However, May's reading had been upwardly revised after the initial release, leading to the belief these results could do likewise.