US stocks have opened slightly lower, retreating from record highs following a weak earnings report from Radio Shack and Botox maker Allergan’s rebuff of a takeover bid by Valeant Pharmaceuticals.

Five minutes into trade on Tuesday, the Dow Jones Industrial Average dipped 9.76 points (0.06 per cent) to 16,933.34.

The broad-based S&P 500 shed 1.58 (0.08 per cent) to 1,949.69, while the tech-rich Nasdaq Composite Index slipped 1.32 (0.03 per cent) to 4,334.93.

On Monday, the Dow scored record closing highs for three days in a row, while the S&P 500 notched its fourth straight record.

Struggling retailer Radio Shack said it lost $US98.3 million ($A106.3 million) in the first quarter on sales that were 13.2 per cent lower than the year-ago level.

The company cited “an industry-wide decline in consumer electronics and a soft mobility market”.

Shares slumped 11.8 per cent.

Meanwhile, Allergan rejected a $US53.5 billion ($A57.8 billion) takeover bid from Canadian firm Valeant Pharmaceuticals International, saying the proposal “substantially undervalues the company, creates significant risks and uncertainties for the stockholders of Allergan, and is not in the best interests of the Company and its stockholders”.

Allergan shares gained 0.5 per cent, while Valeant rose 0.9 per cent.