Yahoo Finance Stocks- Wall Street Opens Lower As Tax Bill Moves Forward
Investing.com – Wall Street was lower on Friday as tech and financial stocks fell.
The S&P 500 fell three points or 0.13% as of 10:23 AM ET (3:23 PM GMT) while the Dow composite slumped 47 points or 0.20%. Tech heavy NASDAQ Composite inched down five points or 0.08%.
Shares of Bank of America (NYSE:BAC) slipped 1.03% while Apple (NASDAQ:AAPL) fell 0.43% and Amazon.com (NASDAQ:AMZN) was down 0.32%. Meanwhile Facebook (NASDAQ:FB) inched down 0.08% and Chinese e-commerce firm Alibaba (NYSE:BABA) decreased 0.29%.
Among the biggest gainers were Abercrombie & Fitch Company (NYSE:ANF), which jumped 26.92% and Gap Inc (NYSE:GPS) which surged 8.06% after both retailers reported higher than expected earnings results.
Meanwhile Twenty-First Century Fox Inc (NASDAQ:FOX) increased 5.05% after reports that Comcast (NASDAQ:CMCSA) and Verizon Communications Inc (NYSE:VZ) were considering acquiring a significant share of the firm’s assets.
Investors remain focused on the possible tax cut bill, which the House passed on Thursday. The Senate finance committee is set to vote on its own version of the bill on Friday.
In Europe markets were down. In Germany the DAX fell 20 points or 0.16% while France’s CAC 40 slipped 12 points or 0.23% and in London the FTSE 100 inched down four points or 0.06%. Spain’s IBEX 35 slumped 67 points or 0.67%. Meanwhile the pan-European Euro Stoxx 50 decreased 10 points or 0.29%.
In commodities, gold futures rose 0.55% to $1,285.20 a troy ounce while crude oil futures increased 1.72% to $56.09 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, fell 0.13% to 93.72. The dollar was weighed down by a Wall Street Journal report that investigators had subpoenaed President Trump's election campaign for documents related to possible Russian interference in the 2016 U.S. election.
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