US stocks slip as cliff talks tensions rise

US stocks shrugged off a second day of market gains around the world Friday, heading lower in early trade amid signs that fiscal cliff negotiations are going nowhere.

Ninety minutes into trade (1600 GMT), the Dow Jones Industrial Average was down 7.03 points (0.05 percent) at 13,014.79.

The S&P 500 slipped 1.89 (0.13 percent) to 1,414.06, while the Nasdaq Composite lost 5.64 (0.18 percent) at 3,006.57.

Patrick O'Hare of Briefing.com said foreign markets continued to rise as they "took their cue from the resilience of the US market" amid the fiscal cliff debate.

But Thursday's gains on Wall Street were helped by the belief that progress was being made in talks over avoiding the harsh tax hikes and spending cuts slated for January 1.

Instead, the most recent signals suggest more of a stalemate, with Republicans and Democrats hardening their positions as the cliff deadline nears.

Yum Brands, the global KFC and Pizza Hut owner, plunged 9.7 percent as it cautioned that China sales would be soft in the fourth quarter and it cut its 2013 profit forecast.

Zynga fell 6.7 percent after announcing a change in its relationship with Facebook, the host of many of its web games, that will allow it to move to other online platforms but also allow Facebook to develop its own games.

Internet registry VeriSign sank 13.7 percent as regulators limited its ability to raise prices for domain names.

Bond prices gained. The 10-year US Treasury yield slipped to 1.61 percent from 1.62 percent Thursday, while the 30-year moved to 2.78 percent from 2.80 percent.

Bond prices and yields move inversely.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2526-0.0001-0.01%
    USDSGD=X
    1.7302-0.0002-0.01%
    EURSGD=X
    2.1033-0.0002-0.01%
    GBPSGD=X
    81.7693+0.00190.00%
    SGDJPY=X
    6.1905+0.0004+0.01%
    SGDHKD=X
    2.5850+0.0002+0.01%
    SGDMYR=X
    9,116.9668-3.3359-0.04%
    SGDIDR=X
    4.9692-0.004-0.08%
    SGDCNY=X
    1.1684-0.0007-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,295.80-7.90-0.61%
    GCQ14.CMX
    19.65+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI