Investing.com - U.S. stocks opened moderately lower on Friday, as investors turned their attention to an upcoming speech by Federal Reserve Chair Janet Yellen at Jackson Hole later in the day, while fresh concerns over tensions in Ukraine dampened market sentiment.
During early U.S. trade, the Dow 30 eased 0.09%, the S&P 500 fell 0.14%, while the NASDAQ Composite dipped 0.02%.
Investors were eyeing the second day of the Fed's annual meeting of top central bankers and economists in Jackson Hole, Wyoming.
The spotlight will be on Fed Chair Janet Yellen, due to will speak later Friday in her first appearance at Jackson Hole as head of the U.S. central bank.
On Wednesday, the minutes of the Fed’s July meeting showed that some officials believe the strengthening recovery and ongoing improvement in the labor market supports a move towards tightening monetary policy.
Separately, investors remained cautious after Ukraine declared on Friday that Russia had launched a "direct invasion" of its territory after Moscow sent a convoy of aid trucks across the border into eastern Ukraine where pro-Russian rebels are fighting government forces.
In the telecom sector, T-Mobile US (NYSE:TMUS) and Sprint Corp (NYSE:S) dropped 0.80% following reports the two companies are embarking on a price battle to take each others's subscribers after a deal to merge the wireless carriers failed.
Starting next week, T-Mobile’s refer-a-friend campaign will reward its own subscribers and the friends recruited from other carriers with one year of unlimited data, according a company statement.
Sprint, on the other hand, will be offering unlimited data, calling and messaging for $60 a month, which is $20 less than a similar package at T-Mobile.
Home Depot (NYSE:HD) added to losses, down 0.29% after announcing that U.S. Retail President Craig Menear will succeed Frank Blake as chief executive officer in two months.
In earnings news, Gap (NYSE:GPS) posted second-quarter profit that exceeded analysts' estimates, sending the clothing retailer's shares up 4.33%.
GameStop (NYSE:GME) surged 8.52% after reporting late Thursday quarterly profit that topped analysts' estimates. Earlier this week, the video-game chain had announced that its chief executive underwent surgery for brain cancer.
Across the Atlantic, European stock markets were lower. The DJ Euro Stoxx 50 dropped 0.60%, France’s CAC 40 declined 0.76%, Germany's DAX retreated 0.45%, while Britain's FTSE 100 slipped 0.10%.
During the Asian trading session, Hong Kong's Hang Seng gained 0.47%, while Japan’s Nikkei 225 slid 0.30%.