NEW YORK (TheStreet) -- U.S. stock markets were trading lower early afternoon Tuesday, continuing to back off from recent highs.
Watch the video below for a closer look at how U.S. markets are doing in midday trading Tuesday:
The Dow Jones Industrial Average
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The S&P pulled back from record levels Monday after five weeks of gains that pushed the benchmark to its 33rd record close of the year on Friday.
"Tactically, we continue to believe that equity investors should be on guard for a more challenging investment climate in the near term, as monetary policy certainty fades to uncertainty this autumn. However, economic growth and earnings trends continue to improve, supporting a relatively optimistic outlook for stocks over a longer term," said Gina Martin Adams, international equity strategist at Wells Fargo Securities.
In top company headlines, Apple (AAPL) shares gained 1.78% to $100.12 after the stock had a tough time last week. The anticipated release of the newest iPhone is expected at 1 p.m. EDT when the tech giant holds an event at the Flint Center for the Performing Arts, near its headquarters in Cupertino, Calif. Along with a new, larger iPhone and possibly a computerized watch, Apple also could announce Tuesday a mobile payments strategy following several reports the company is working with payments companies Visa (V) , Mastercard (MA) and American Express (AXP) .