U.S. stock markets opened lower on Friday, after data showed an unexpected contraction in U.S. retail sales in March, pulling back from record levels set on Thursday.
The U.S. Department of Commerce reported retail sales fell 0.4 percent in March, below analysts’ forecasts, while February’s gain was revised down slightly.
Even as stocks had rallied by more than 12% this year, investors have been rattled by indications economic growth could be softening, particularly after last week`s disappointing jobs number, though that has not derailed the market rally so far.
The Dow Jones Industrial Average dropped 0.08% to 14839.62 points. The S&P 500 was lower 0.17% to 1590.37. The NASDAQ composite index slipped 0.19% to 3293.65 points. As of 09:45 New York Time
The lagging sectors in the Dow ware led by Financials, Oil & Gas, and Technology sectors respectively. In the S&P 500, Oil & GAS, Financials , and Technology led the losses respectively.
On Thursday, the Dow closed at a record high for a third straight session and the S&P 500 set a record close for a second day. Despite the drop, the S&P was on track to post its best week since the first one of the year.
JP Morgan Chase reported higher first-quarter profit, though revenue declined. Its stock was lower by 1.30% at $48.53 on the opening. Wells Fargo was also lower at 36.844. The bank`s profit was better-than-expected but it made fewer home loans.
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