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  • US stocks retreated from record levels early Friday, sliding into the long holiday weekend as the expected US government economic stimulus package remains in the hoped-for future. The Dow Jones Industrial Average was off by 0.1 percent at 31,386.82 about 30 minutes into the trading session. The broad-based S&P 500 was barely changed at 3,912.88, just three points below the record close set Thursday, while the tech-rich Nasdaq Composite Index dipped 0.2 percent to 14,000.31, also retreating from an all-time high. There was little economic news or data to move markets. "The markets have rebounded from the retail trading frenzy disruption a couple weeks ago, aided by signs of progress on COVID-19 vaccine rollouts, improving virus case trends in the country and elevated expectations of further fiscal relief," Schwab analysts said. Chevron shares slid only slightly even after S&P Global Ratings downgraded the oil company's debt rating a notch to AA- due to the increased risk for the industry, including from the shift towards renewable energy. Benchmark WTI crude ticked up early Friday after several days of declines. Disney dropped 1.8 percent even after reporting a surge in new subscriptions for its streaming service. Meanwhile, dating app Bumble jumped 9.7 percent a day after its trading debut, and just ahead of Valentine's Day. US markets are closed on Monday for the Presidents' Day public holiday. hs/cs
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  • Wall Street opens lower ahead of holiday
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