US open: Wall Street on track to break 5-week winning streak

US stocks were again on the back foot with Wall Street's main indices on track to break a five-week winning streak.

Commenting on the market backdrop, Stephen Innes at SPI Asset Management said: "Risk markets are struggling with inverted yields across a wide berth of sovereign curves as global recession concerns are back in the main thanks to a hawkish central bank policy that may have to inflict some economic pain to reign in core inflation.

"In that environment, the current level of risk-free yields makes investing in equities less attractive relative to bonds."

At 1511 BST, the Dow Jones Industrial Average was falling 0.48% to 33,82.48, alongside a 0.62% decline for the S&P 500 to 4,354.93, while the Nasdaq Composite was down by 0.91% to 13,506.06.

For their part, economists at Bank of America were telling clients that US economic strength would likely not last as the credit cycle continued to turn and fiscal stimulus faded.

"That is to say, while the US downturn has been slower to materialize, we still think it is on its way, and will likely become the main driver of the equity market once it sets in," they said.

Be that as it may, on Friday S&P Global reported that its Purchasing Managers' Index for services slipped from 54.9 to 54.1 (consensus: 54.0).

But the survey compiler described that as a still "solid" pace, adding that it was consistent with second quarter GDP growth of 2.0%.

A separate PMI for factories meanwhile dropped to 46.3 from 48.4 (consensus: 48.5).

According to S&P Global, jobs growth in the US sank to its slowest pace since January, even as higher wages added to businesses' costs.

Selling price inflation on the other hand did hit a 32-month low.

In equity markets, Virgin Galactic was sliding by 18% after a securities filing on Thursday revealed it had successfully raised $300m via an "at the market" offering of common stock.

It was also planning to raise an additional $400m to develop and grow its space fleet.

Dow Jones - Risers

3M Co. (MMM) $102.51 2.07%
Intel Corp. (INTC) $33.37 2.00%
Verizon Communications Inc. (VZ) $35.98 0.36%
Merck & Co. Inc. (MRK) $113.92 0.18%
Home Depot Inc. (HD) $301.66 0.16%
Unitedhealth Group Inc. (UNH) $479.42 0.08%
Johnson & Johnson (JNJ) $165.73 0.07%
Coca-Cola Co. (KO) $61.86 0.02%
Dowdupont Inc. (DWDP) $0.00 0.00%
Procter & Gamble Co. (PG) $149.62 -0.22%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $209.85 -1.61%
Caterpillar Inc. (CAT) $233.71 -1.53%
Nike Inc. (NKE) $109.09 -1.24%
Microsoft Corp. (MSFT) $335.67 -1.19%
Cisco Systems Inc. (CSCO) $50.56 -1.11%
Walgreens Boots Alliance, Inc. (WBA) $31.55 -1.07%
Goldman Sachs Group Inc. (GS) $316.73 -0.89%
Boeing Co. (BA) $203.94 -0.81%
Chevron Corp. (CVX) $151.42 -0.80%
Apple Inc. (AAPL) $185.58 -0.76%

S&P 500 - Risers

Carmax Inc. (KMX) $86.06 9.88%
3M Co. (MMM) $102.51 2.07%
Intel Corp. (INTC) $33.37 2.00%
NRG Energy Inc. (NRG) $35.60 1.95%
Valero Energy Corp. (VLO) $112.35 1.77%
Ventas Inc. (VTR) $45.16 1.51%
Nektar Therapeutics (NKTR) $0.56 1.37%
Sba Communications Corp. (SBAC) $225.56 1.34%
ProLogis (PLD) $120.03 1.15%
Crown Castle International (CCI) $110.90 1.14%

S&P 500 - Fallers

Freeport-McMoRan Inc (FCX) $38.26 -3.68%
Paypal Holdings Inc (PYPL) $66.18 -3.48%
TripAdvisor Inc. (TRIP) $16.32 -3.23%
Under Armour Inc. Class A (UAA) $7.11 -3.20%
Under Armour, Inc. (UA) $6.59 -2.87%
Albemarle Corp. (ALB) $219.81 -2.74%
MGM Resorts International (MGM) $41.34 -2.73%
Hanesbrands Inc. (HBI) $4.36 -2.57%
National Oilwell Varco Inc. (NOV) $15.01 -2.56%
Expedia Group Inc. (EXPE) $104.79 -2.37%

Nasdaq 100 - Risers

Intel Corp. (INTC) $33.37 2.00%
Liberty Global plc Series A (LBTYA) $16.72 1.86%
Liberty Global plc Series C (LBTYK) $17.57 1.65%
Vodafone Group Plc ADS (VOD) $9.28 1.04%
Kraft Heinz Co. (KHC) $36.19 0.32%
Ross Stores Inc. (ROST) $108.23 0.25%
Gilead Sciences Inc. (GILD) $78.24 0.16%
Charter Communications Inc. (CHTR) $326.13 0.07%
Take-Two Interactive Software Inc. (TTWO) $141.26 0.06%
Adobe Systems Inc. (ADBE) $477.70 0.03%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $34.92 -4.56%
Paypal Holdings Inc (PYPL) $66.18 -3.48%
Mercadolibre Inc. (MELI) $1,199.70 -3.37%
Tesla Inc (TSLA) $255.93 -3.28%
Asml Holdings N.V. (ASML) $699.73 -2.46%
Expedia Group Inc. (EXPE) $104.79 -2.37%
Baidu Inc. (BIDU) $138.57 -2.36%
Autodesk Inc. (ADSK) $202.28 -2.14%
Starbucks Corp. (SBUX) $98.71 -2.13%
Align Technology Inc. (ALGN) $327.59 -2.04%