(CNBC) — U.S. stocks skidded lower on Tuesday, extending the prior day’s drop from last week’s records, as investors braced for quarterly earnings and considered valuations.

“We’re pushing the reset button a little bit here, as there is some nervousness waiting for the earnings season to really kick off. Certainly what investors are looking for is proof that the U.S. economy is going to pick up steam in the second half,” said Chris Gaffney, senior market strategist at EverBank Wealth Management.

Given the market’s recent reach to all-time highs, equities are unlikely to move higher “without a significant new catalyst, which will probably be second-quarter earnings reporting season, which gets started in earnest next week, but in practice tonight with Alcoa,” said Art Hogan, chief market strategist at Wunderlich Securities.

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