Stock markets reversed their five-day climb in early trading on Friday, led by drops in banks and technology companies.
The Dow lost 132 points, or half a percentage point, to 23,864. The S&P 500 and Nasdaq and also each slid less than 1 percent shortly after the start of trade.
The early declines were a marked contrast to the market’s five-day winning streak, its longest period of gains since September.
Investor hopes of a trade deal between the U.S. and China have risen during the two superpowers’ negotiations this week, while comments from officials at thesuggested that the pace of interest rate increases could slow this year.
“Improved trade relations between the U.S. and China and progress towards a deal and away from tariffs is undoubtedly positive and reduces a major headwind,” said Craig Erlam, senior market analyst at OANDA. “The same is true of the Fed and its shift to more flexibility on rate hikes.”
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