FOX Business: Capitalism Lives Here

Wall Street fell slightly from its highest levels since late 2007 on Friday as traders mulled data showing the trade gap unexpectedly widened and a smattering of corporate news.

Today's Markets

As of 11:00 a.m. ET, the Dow Jones Industrial Average fell 6.3 points, or 0.05%, to 13465, the S&P 500 dipped 2.6 points, or 0.18%, to 1470 and the Nasdaq Composite slumped 3.7 points, or 0.12%, to 3118.

Wall Street has started the year off in a big way, with the S&P 500 pushing its highest levels since late 2007 -- well before the financial crisis that sent markets tumbling. The main catalyst for the early-year push was Congress moving to avert the fiscal cliff. Now, market participants are getting a chance to focus on the economy and the state of U.S. corporations. 

The Commerce Department said the U.S. trade deficit widened by 15.8% in November from October to $48.7 billion, bringing the trade gap to its widest level since April. The deficit was expected to fall to $41.3 billion. A separate report showed  U.S. import prices falling 0.1% in December, compared to economists' expectations of a 0.1% gain. Export prices also fell 0.1%, but were expected to remain unchanged.

On the corporate front, traders are expected to pay close attention to Boeing (BA). Worries have mounted recently after a series have issues have occurred regarding its highly-lauded 787 "Dreamliner" jet. The FAA is reportedly set to begin a comprehensive review of the plane, which has already been the subject of significant manufacturing delays. 

Wells Fargo (WFC) posted fourth-quarter earnings of 91 cents a share on revenue of $21.9 billion, topping expectations of 89 cents on $21.3 billion.

Best Buy (BBY) said its holiday-season revenues fell 0.4% this year to $12.8 billion, while comparable-store sales dipped 1.4%. 

Energy futures were in the red. The benchmark oil contract fell 72 cents, or 0.77%, to $93.11 a barrel. Wholesale New York Harbor gasoline sold off by 1.7% to $2.746 a gallon. In metals, gold fell $10.50, or 0.63%, to $1,667 a troy ounce. 

Foreign Markets

The Euro Stoxx 50 rose 0.14% to 2712, the English FTSE 100 climbed 0.2% to 6114 and the German DAX gained 0.13% to 7719. 

In Asia, the Japanese Nikkei 225 rallied 1.4% to 10802 and the Chinese Hang Seng fell 0.39% to 23264.

Follow Adam Samson on Twitter @adamsamson.