Investing.com – U.S. stocks retreated from record highs, on the back of growing U.S. political jitters and an earnings report from General Electric that undershot Wall Street estimates dragging the broader market lower.
The political scandal engulfing President Trump heated up on Friday, after Special counsel Robert Mueller asked the White House to preserve all documents relating to the June 2016 meeting that Trump and other associated had with a Russian Lawyer.
The news came after General Electric Company (NYSE:GE) reported better than expected quarterly earnings but revenue missed estimates, sending the industrial giant’s share price tumbling more than 3%.
Also weighing on sentiment was a tumble in energy, following a 2.5% slump in crude prices ahead of the Opec meeting on July 24.
Analysts, however, expect earnings to be the main catalyst as earnings season is set to gather pace with about 170 S&P 500 constituents scheduled to report next week.
"This is very much an earnings-driven market," said Paul Springmeyer, senior vice president at U.S. Bancorp Private Wealth Management. "There have not been any major surprises yet. That to us is a tell-tale sign. If earnings continue to grow, stocks should keep higher."
The Dow Jones Industrial Average closed lower at 21,580.07. The S&P 500 0.04% lower while the Nasdaq Composite closed at 9387.75, down 0.15%.
‘Bulls and Bears’ on Wall Street
The top Dow gainers for the session: Visa Inc (NYSE:V) up 1.5%, Nike Inc (NYSE:NKE) up 1.4% and Boeing Co (NYSE:BA) up 1.3%
General Electric Company (NYSE:GE) down 2.9%, Chevron Corporation (NYSE:CVX) down 1.3% and Goldman Sachs Group Inc (NYSE:GS), down 1%, were among the worst Dow performers of the session.