US stocks retreat from records, following Europe lower
New York, United States (AFP) — Wall Street stocks retreated early Friday as a tech-focused rally showed signs of fatigue and investors monitored declines in European markets owing to political uncertainty in France.
After notching records the last four days, both the S&P 500 and Nasdaq were lower, along with the Dow.
Some analysts have predicted a “consolidation” phase for markets whereby stocks stagnate or retreat somewhat after earlier gains.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.6 per cent at 38,416.50.
The broad-based S&P 500 fell 0.3 per cent to 5,417.90, while the tech-rich Nasdaq Composite Index dipped 0.1 per cent to 17,659.29.
Among individual companies, Tesla dipped 0.3 per cent after shareholders backed a compensation plan for CEO Elon Musk worth as much as $56 billion. The stock had risen on Thursday in anticipation of the result.
Adobe jumped nearly 15 per cent as the tech company lifted its full-year forecast following record quarterly revenues. The software giant said its “highly differentiated approach to artificial intelligence” is winning more business.
Tyson Foods dropped 0.4 per cent after the company suspended Chief Financial Officer John Tyson following an arrest for driving while intoxicated. Tyson is the grandson of John W Tyson, founder of the meat producer.
