Yahoo Finance US stocks retreat after record streak
US stocks retreated after a streak of record-setting sessions early Thursday following surprisingly good earnings results from General Motors but a disappointment from Intel.
GM rose 3.1 percent after boosting its 2016 profit forecast following second-quarter earnings that topped analyst expectations.
But Dow member Intel dropped 4.8 percent as it reported a 51 percent decline in second-quarter earnings to $1.3 billion.
About 55 minutes into trade, the Dow Jones Industrial Average stood at 18,553.56, down 0.2 percent.
The broad-based S&P 500 shed 0.1 percent to 2,171.04, while the tech-rich Nasdaq Composite Index was essentially flat at 5,089.82.
Both the Dow and S&P 500 closed at records on Wednesday.
US equity markets have soared the last three weeks, shrugging off worries about the British vote to leave the European Union and well-fueled by central banks' commitments to keep interest rates low.
On Thursday, the European Central Bank left interest rates unchanged but signaled it could soon enact further stimulus in response to sluggish economic conditions.
Biogen jumped 4.7 percent after reporting an eight percent rise in net income to $1.1 billion and pointing to strong growth in the multiple sclerosis and hemophilia businesses. The biotech company announced that chief executive George Scangos would leave the company after a successor is found.
EBay surged 10.2 percent after second-quarter sales rose six percent to $2.2 billion in results that bested analyst expectations.
Southwest Airlines sank 8.8 percent as it projected third quarter revenue per passenger mile would fall three to four percent due to sharper competition that is driving down fares. Other airlines also suffered, with Delta Air Lines falling 3.5 percent and United Continental 3.1 percent.
Tesla fell 2.0 percent as founder Elon Musk unveiled a second master plan that includes building a new pick-up truck, and an urban bus, and a sharing system of self-driving cars.
