U.S. stocks drop from record highs

U.S. STOCKS OPENED lower Friday as trading resumed on Wall Street after the Thanksgiving break./BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

NEW YORK — U.S. stocks opened lower Friday in the wake of mixed results in Europe and lower Asian equities, signaling a lackluster finale to the third straight month of gains for global benchmarks. The dollar turned higher.

The S&P 500, Nasdaq 100 and Dow Jones Industrial Average all edged lower as trading resumed on Wall Street after the Thanksgiving break. On the Stoxx Europe 600 Index, declines in mining and construction shares offset increases in technology and personal products. Asian shares closed lower.

The S&P 500 Index fell 0.2% to 3,147.33 as of 9:31 a.m. Friday; the Nasdaq Composite Index decreased 0.3% to 8,682.57; and Dow Jones Industrial Average dipped 0.3% to 28,089.66. All of these opens were the first retreats in more than a week.

U.S. Treasuries drifted as they returned to trading post-holiday. The Chilean peso fluctuated close to its record low after the nation’s central bank said it will intervene.

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Investors are hungry for evidence of progress on a Sino-U.S. trade deal, with the next batch of American tariffs on Chinese goods due to begin Dec. 15 and additional tension building over Hong Kong. China’s foreign ministry warned again of unspecified retaliation for U.S. President Donald Trump’s signing of legislation that expresses support for protesters in Hong Kong.

“The real issue is not the Hong Kong bill,” Macquarie Group’s Thierry Wizman told Bloomberg TV. “The real issue is whether or not if you do not see convergence on those negotiations by Dec. 15, do we get an increase, a scheduled increase, in those U.S. tariffs and does that derail the negotiations?”

Elsewhere, West Texas-grade oil traded dropped below $58 a barrel. The won closed lower in normal trading hours after the Bank of Korea kept its policy rate unchanged, as expected.

Vildana Hajric and Todd White are reporters for Bloomberg.

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