While you were sleeping: UPDATED Wall St rally stalls after record-breaking streak

Wall Street's record-breaking rally stalled as investors reassessed valuations while waiting for details of US President Donald Trump's "phenomenal" tax plans.

"Some of these policies are game changers to certain sectors, and the market is being somewhat rational in terms of taking a bit of a breather before we have more facts as opposed to plans or intention," Tracy Maeter, global investment specialist at JP Morgan Private Bank in Philadelphia, told Reuters.

At the close of trading in New York, the Dow Jones Industrial Average was up 7.91 points, or 0.1%, to 20,619.77.  The Nasdaq Composite Index declined 0.1% to 5814.90 and the Standard & Poor's 500 Index also slid 0.1% to 2347.22..

Yields on US Treasury 10-year notes fell to 2.45% from 2.502% on Wednesday after rising for five straight sessions.

The Dow's fresh new high was offset by slight falls the S&P 500 and the Nasdaq.

"While in the short-term markets are residing in overbought territory and are vulnerable to rounds of profit-taking, overall sentiment remains positive with no obvious reason at this stage why the move to the upside should come to halt any time soon," City of London Markets trader Markus Huber wrote in a note, Bloomberg reported.

In the Dow, Chevron and Caterpillar fell 1.2% and 1.0% respectively, whilef Cisco and Coca-Cola rose 2.9% and 1.9% respectively.

Food companies slide
Meanwhile, shares of Dean Foods slumped 7.5% after the largest US dairy processor predicted earnings that fell short of expectations amid lower demand for milk.

"In the first quarter, we expect dairy commodity inflation of nearly 20 percent and a roughly 1% decline in total volume performance versus prior year," Dean Foods Chief Executive Officer Ralph Scozzafava said in a statement.

In Europe, the Stoxx 600 Index finished the session with a 0.4 percent decline from the previous close. Both Germany's DAX Index and the UK's FTSE 100 Index retreated 0.3 percent, while France's CAC 40 Index slid 0.5 percent.

Switzerland's Nestlé abandoned its longtime organic sales growth target of between 5-6%, predicting an increase of between 2% and 4% this year. The world's largest packaged-food company also said restructuring costs would rise.

"It is a kind of a back-to-reality," Pierre Tegner, an analyst at Natixis, said in a note, Bloomberg reported. "The outlook shows that there is a lot to do."

Nestlé shares closed 1% lower in Zurich.

"We're in a period of an unprecedented fast-moving change in the consumer-goods industry," Nestle CEO Mark Schneider told Bloomberg. "Speed of execution, getting stuff done and implemented, recognising new customer trends or efficiency trends and not kicking the can down the road, that's key."

(BusinessDesk)