Stocks - Wall Street Falls After Five-Day Rally
Investing.com – Wall Street fell after the opening bell on Friday, after five-days of gains.
The S&P 500 fell 13 points or 0.54% as of 9:38 AM ET (14:38 GMT), while the Dow decreased 128 points, or 0.54%, and the tech-heavy Nasdaq Composite lost 37 points, or 0.53%.
Stocks had risen earlier this week on indications that the Fed could pause its stance on policy tightening and optimistic trade negotiations from the U.S. and China. But weak holiday sales from Macy’s (NYSE:M) and cuts in revenue forecasts from American Airlines (NASDAQ:AAL) and others put a damper on investor sentiment.
"We've run up and people seem to be in a wait-and-watch mode before they put more money back in," said Mark Grant, chief global strategist at B. Riley FBR Inc.
Apple (NASDAQ:AAPL) fell 0.2% after several Chinese retailers slashed iPhone prices, while Starbucks (NASDAQ:SBUX) was down 3.4% after Goldman Sachs said the company could release a warning about business in China. The broker downgraded its recommendation to neutral from buy.
Activision Blizzard (NASDAQ:ATVI) stock tumbled 12% after the company said it would transfer the rights to its Destiny franchise to Bungie.
Elsewhere Netflix (NASDAQ:NFLX) rose 2.6% while General Motors Company (NYSE:GM) jumped 7.5% on news that its 2018 earnings would be above estimates.
In commodities, gold futures rose 0.07% to $1,288.30 a troy ounce and crude oil decreased 1.5% to $51.77 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.09% to 95.20.
-Reuters contributed to this report.