NEW YORK (AP) — The stock market drifted lower in early Friday trading, putting major indexes on track for their second weekly loss this month. Reports of sluggish economic growth have weighed on the market this week.
KEEPING SCORE: The Dow Jones industrial average is down 44 points, or 0.3 percent, to 16,802 as of 10:20 a.m. EST. The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,954, while the Nasdaq composite fell two points, less than 0.1 percent, to 4,338. Eight of the 10 industry groups in the S&P 500 fell slightly, led by materials companies.
FOR THE WEEK: After dropping three days this week, the S&P 500, the most widely used benchmark for stock funds, is on course for a weekly loss of 0.5 percent. Many investors have been waiting for the market to slip after a long climb. The S&P 500 hit its latest record high on June 20, one week ago.
FORECAST CUT: DuPont dropped $2.62, or 4 percent, $65.11 in early trading, the biggest drop among the 30 big companies in the Dow. The company cut its profit forecast because of weaker sales of corn seeds.
THE BUSINESS OF SPORT: Nike gained $1.45, or 2 percent, to $78.31 after reporting earnings late Thursday that beat Wall Street's expectations. Stronger worldwide sales offset marketing costs for the World Cup soccer tournament. Nike provided the outfits for 10 national teams, including Team USA, for the World Cup in Brazil.
HOW CONFIDENT: The Thomson Reuters/University of Michigan reading of consumer confidence edged up to 82.5 in June, a slight increase over the previous month and better than economists had predicted.
WORLD MARKETS: Asian indexes closed lower. In Europe, France's CAC 40 was flat while Germany's DAX edged up 0.1 percent. The FTSE 100 index of leading British companies rose 0.2 percent.
BONDS AND TREASURIES: Bond prices rose, pushing Treasury yields lower. The yield on the 10-year note slipped to 2.51 percent from 2.53 percent on Thursday. The price of oil rose 25 cents, or 0.2 percent, to $106.64 a barrel.