U.S. indices are down in premarket trading as Wall Street’s record-breaking rally appeared to lose some steam despite strong quarterly performances from high-profile companies

Asian shares outside of China are lower in cautious trading ahead of earnings reports both in the region and overseas, after Wall Street's long, record-breaking rally ran out of steam.

The S&P 500 was 0.3% higher in afternoon trading and is lingering close to its all-time high set early this week. The Dow Jones Industrial Average was down 2 points, or less than 0.1%, a day after setting its own record , while the Nasdaq composite was 0.5% higher, as of 12:21 p.m. Eastern time.