U.S. equity markets slipped off record highs Friday morning as modest selling took hold in early trading.
Continue Reading Below
The Dow Jones Industrial Average was trading lower by 21 points, or 0.07%, while the S&P 500 and the Nasdaq Composite were weaker by 0.21% and 0.4%, respectively.
All three of the major averages finished in record territory on Thursday and are on pace for modest weekly gains.
TickerSecurityLastChangeChange %DISWALT DISNEY COMPANY188.32-2.73-1.43%Powered by
In stocks, Dow component Walt Disney Co. reported quarterly earnings and revenue that exceeded Wall Street estimates as its Disney+ streaming service added 21 million subscribers. Disney+ now has 94.9 million subscribers and the company believes it could reach 260 million users by 2024.
TickerSecurityLastChangeChange %EXPEEXPEDIA GROUP, INC.147.97-1.94-1.29%Powered by
Expedia Inc. said full-year revenue fell 57% year over year as the COVID-19 pandemic snarled demand for travel bookings. Both quarterly earnings and profit were below Wall Street estimates.
TickerSecurityLastChangeChange %BMBLBUMBLE INC79.89+9.58+13.63%Powered by
Meanwhile, Bumble Inc. was in focus a day after soaring 64% in its Nasdaq debut. Shares of the dating-app developer settled at $70.31 apiece on Thursday after pricing at $43 the prior evening.
TickerSecurityLastChangeChange %IIVIII-VI INC90.92-8.65-8.69%Powered by
In deals, optoelectronic component maker II-VI Inc. is planning a nearly $6.5 billion bid for laser manufacturer Coherent Inc., according to a report from The Wall Street Journal. The offer, which would pay a mix of cash and stock equating to $260 per share, greater than offers made by MKS Instruments Inc. and Lumentum Holdings Inc.
Oil majors Chevron Corp. and ExxonMobil Corp. pulled back as West Texas Intermediate crude oil dipped 23 cents to $58.01 per barrel.
Elsewhere in commodities, gold lost $11 to $1,815.80 an ounce while silver ticked up 4 cents to $27.09 per barrel.
European markets were mixed with Germany’s DAX 30 down 0.48% while Britain’s FTSE 100 and France’s CAC 40 were higher by 0.08% and 0.1%, respectively.
In Asia, Japan’s Nikkei 225 slipped 0.14%. China’s Shanghai Composite index and Hong Kong’s Hang Seng index were closed for the Chinese New Year.