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US stocks edge lower in early trading

Banks and basic materials companies fell more than the rest of the market

Gulf News

NEW YORK: Stocks posted moderate declines in early trading as a fast-paced market rally of the past two weeks goes into reverse.

Banks and basic materials companies fell more than the rest of the market by 9.35am on Friday. Regions Financial fell 1.9 per cent.

Several companies were falling after posting weak results. Campbell Soup lost 5 per cent and J.M. Smucker slid 4.3 per cent.

The Standard & Poor’s 500 index slipped 5 points, or 0.2 per cent, to 2,341.

The Dow Jones Industrial Average dropped 67 points, or 0.3 per cent, to 20,551. The Nasdaq composite declined 7 points, or 0.1 per cent, to 5,807.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.41 per cent.

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