Dow Jones Today: Stocks Lower in Early Trading as Big-Tech Tumbles; Major Indexes Head for Weekly Losses

Stocks moved lower in early trading Friday, putting major indexes on pace to post weekly losses, as the election-fueled rally that sparked a series of record highs fizzles. 

The Dow Jones Industrial Average was down 0.7%, while the S&P 500 and Nasdaq were off 1.2% and 1.9%, respectively, about an hour after the opening bell. Stocks closed lower Thursday after Federal Reserve Chair Jerome Powell said that the Fed is in no hurry to lower interest rates, noting that the path toward reaching the central bank’s inflation target is bumpy.

Retail sales data released early Friday came in stronger than expected, which is good news about the economy but reinforces the idea that the Fed may not be as aggressive as some investors had hoped in cutting its benchmark rate. The yield on 10-year Treasurys, which is sensitive to expectations around where interest rates are headed, rose to 4.48% this morning from 4.42% late yesterday.

Large-cap technology stocks were mostly lower in early trading Friday. AI investor favorite Nvidia (NVDA) and Amazon (AMZN) both fell more than 3%, while Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL) and Meta Platforms (META) were all down more than 1.5%.

Tesla (TSLA) shares were up 1% this morning after slumping nearly 6% yesterday amid reports that President-elect Trump’s transition team is preparing plans to scrap the $7,500 electric vehicle tax credit.

Among other noteworthy movers, shares of Applied Materials (AMAT) were down 8% after the semiconductor equipment maker reported weaker-than-expected earnings. Disney (DIS) shares were up more than 3%, adding to the big gains recorded yesterday after the entertainment giant reported strong earnings and issued a rosy outlook.

Domino’s Pizza (DPZ) shares were up 2% following news that Warren Buffett’s Berkshire Hathaway (BRK.A; BRK.B) had taken a stake in the world’s largest pizza chain in the third quarter. Shares of swimming pool supplier Pool Corp. (POOL) also got a boost from news of a Buffett stake, rising 2%. Ulta Beauty (ULTA) shares were down 2% as Berkshire sold nearly all of its stake in the cosmetics chain after first entering the position in the second quarter.

Bitcon was at $89,000, after slipping to around $87,000 late yesterday. The cryptocurrency, which hit a high of over $93,000 this week, has gained more than 30% since the election amid hopes that a supportive White House and Congress will implement policies that benefit the asset class.

Gold futures were up slightly at around $2,580 an ounce. The precious metal, which hit a record high of $2,800 early last week, has lost ground since the election as the U.S. dollar has strengthened.