U.S. equity markets slipped as investors digested bank earnings and weighed the impact of California backtracking on its reopening from COVID-19 lockdowns.

U.S. equity markets slipped Tuesday as investors assessed the first round of bank earnings as well as the impact of California backtracking on its reopening from COVID-19 lockdowns.  The S&P 500 and the Nasdaq Composite dropped 0.47 percent and 0.7 percent, respectively, while the Dow Jones Industrial Average swung between losses and gains. The major averages were hammered by a sharp selloff on Monday afternoon following California's decision to shut bars and indoor dining back down amid a surge in new COVID-19 infections.

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