NEW YORK, N.Y. – The stock market is drifting lower in early trading after weak earnings results and outlooks from some big-name companies.
The large cost of timely deliveries hurt UPS during the holidays and the shipping company cut its outlook for the year. Its shares fell 9 per cent in premarket trading Friday.
The Standard & Poor’s 500 index edged down five points, or 0.3 per cent, to 2,058 in early U.S. trading Friday. The Dow Jones industrial average fell 19 points, 0.1 per cent, to 17,795. The Nasdaq eased two points, or 0.1 per cent, to 4,746.
The yield on the 10-year Treasury fell to 1.83 per cent from 1.88 per cent late Thursday.
U.S. stock indexes ended the previous day with big gains after Europe’s central bank unveiled a large bond-buying plan aimed revitalizing that region’s economy.