Today's Edition
NEW YORK (AFP)
Wall Street stocks retreated from records early Thursday as markets digested solid earnings from Delta and PepsiCo amid a dearth of economic data due to the government shutdown.
US stocks have risen since the government shutdown started on October 1. The closure has delayed key releases on inflation and the employment market.
"Even the most bullish markets take a break sometimes," said Steve Sosnick of Interactive Brokers.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.3 per cent at 46,481.01.
The broad-based S&P 500 dipped 0.2 per cent to 6,741.66, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 22,985.65.
Both the S&P 500 and Nasdaq ended at records on Wednesday.
"There's not a lot of fresh news this morning, not any real catalysts," Sosnick said. "We're not getting economic reports, and in some ways the rhythm of the market in that respect has been thrown off a little bit."
Among individual companies, Delta Air Lines jumped 6.2 per cent after reporting higher earnings and offering a robust demand outlook. Executives said there has been no significant effect on travel from the shutdown.
PepsiCo climbed 1.3 per cent after reporting better-than-expected results. The company pointed to "improved momentum" in North American beverages.
