Wall Street declined amid disappointing US car sales and concern about President Donald Trump's ability to deliver on promises that were seen as bolstering economic growth and corporate profits.
Shares of General Motors dropped, trading 3.8 per cent weaker as of 2.30pm in New York, while those of Ford Motor slid, trading 2.4 per cent lower, amid car sales that fell short of expectations.
Bucking the trend, however, shares of Tesla jumped to a record high, up 6 per cent as of 2.22pm in New York, after it reported record-high deliveries. The gains pushed the market value of the electric-car maker above that of Ford.
"I don't know if people want electric cars, but people want Tesla," Ben Kallo, an analyst at Robert W Baird & Co, told Bloomberg. "I'm not an [Tesla CEO] Elon Musk worshiper, but people that would normally buy a Porsche are buying Teslas right now."
In 2.26pm trading in New York, the Dow Jones Industrial Average fell 0.4 per cent, while the Nasdaq Composite Index also slid 0.4 per cent. In 2.10pm trading, the Standard & Poor's 500 Index declined 0.5 per cent.