Stocks slipped from record levels on Wednesday as Wall Street digested a mixed batch of corporate earnings.

The Nasdaq Composite ended the day down 0.2% at 8,102.01 after hitting an intraday record. The also dipped 0.2% to 2,927.25 as the energy and communication sectors underperformed. The Dow Jones Industrial Average closed 59.34 points lower at 26,597.05.

Caterpillar shares fell 3% despite the company posting better-than-expected quarterly earnings. The industrial giant's CFO warned of a possible slowdown in its China business, overshadowing Caterpillar's strong report.

AT&T, meanwhile, fell more than 4% after posting first-quarter revenue numbers that disappointed investors. The company's revenue was dragged down by weak sales in its WarnerMedia division.

Domino's Pizza, meanwhile, rose 4.9% on stronger-than-forecast quarterly results. Shares of eBay also gained 5% on earnings that topped expectations.

Both the S&P 500 and Nasdaq posted record closing highs in the previous session, boosted by strong corporate earnings results from companies like United Technologies, Coca-Cola and Twitter on Tuesday.