Dow's Early Tumble Is Broad Based And Led By Goldman, GE And Caterpillar Stocks

The Dow Jones Industrial Average on Friday was seeing early modest losses on Friday, but the day's early declines were broad based and led by a stumble in shares of Goldman Sachs Group Inc., General Electric and Caterpillar Inc. Goldman's stock was shaving about 15 points from the price-weighted blue-chip gauge. Goldman has been sinking since reporting second-quarter results that revealed a 40% fall in its bread-and-butter fixed-income, currencies and commodities trading business. The investment bank performed the worst among its peers in trading revenue. Shares are on track to log their steepest weekly decline since the period ended June 2. Meanwhile, General Electric and Caterpillar's shares were cutting a combined 20 points from the Dow. GE's stock turned lower after outgoing CEO Jeff Immelt delivered a downbeat outlook for its full-year 2017 earnings, despite second-quarter results that were better-than-expected. Immelt also offered a downbeat outlook for the oil-and-gas industry, which may have helped to drag industrial giant Caterpillar's shares lower. The Dow was trading off 0.3% at 21,545, while the S&P 500 index slumped by 0.2% at 2,468, pressured by a 0.6% retreat in industrials and energy , weighed by a slide in crude-oil prices . The Nasdaq Composite Index was off 0.2% at 6,376, and threatened to snap a 10-session win streak, matching its longest since Feb. 24, 2015. For the week, the S&P 500 and the Nasdaq Composite are on pace to posts gains, while the Dow is fighting off a weekly drop, as earnings season gets under way. In other assets, the euro continued its confounding surge, following the European Central Bank's decision to stand pat on its mix of accommodative policy programs, as ECB President Mario Draghi attempted to tamp down statements made in late June that were viewed as hinting at tapering of easy-money measures begun in the wake of the 2008-'09 financial crisis. The euro was most recently at $1.1647, versus the dollar and up 1.5% on the week, with most of those gains coming Thursday. The 10-year Treasury note , meanwhile, was drawing bidders, pushing yields, which move inversely to prices, lower. The benchmark yield stood at 2.24%.