The benchmark S&P 500 edged lower on Tuesday as investors digested earnings reports from top lenders Morgan Stanley and Bank of America, after the markets rallied last week in anticipation of the results and signs of inflation cooling.

The Dow Jones Industrial Average rose 11.73 points, or 0.03 percent, at the open to 34,597.08. The S&P 500 opened lower by 1.01 points, or 0.02 percent, at 4,521.78, while the Nasdaq Composite dropped 32.70 points, or 0.23 percent, to 14,212.25 at the opening bell.