NEW YORK: Wall Street stocks dipped early Friday amid lingering worries about Federal Reserve policy and equity valuations that have pressured the market this week.
After a strong January, stocks have been under stress as yields on US Treasury bonds drifted higher, underscoring the risk of more Fed interest rate hikes that could crimp growth.
Briefing.com analyst Patrick O’Hare attributed this week’s pullback to a “nagging sense that the stock market needs to have a consolidation period” after January’s gains.
About 20 minutes into trading, the Dow Jones Industrial Average was down less than 0.1 percent at 33,687.12.
The broad-based S&P 500 slipped 0.1 percent to 4,076.43, while the tech-rich Nasdaq Composite Index declined 0.5 percent to 11,726.68.
Among individual companies, ride-hailing firm Lyft plunged more than 35 percent after reporting a $568.1 million loss in the fourth quarter and projecting lower first quarter revenues than expected.
Expedia dropped 6.5 percent as it reported quarterly earnings that missed estimates after hurricanes and winter storms drove up cancelations, crimping revenues.
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