US stocks fall with oil shares in retreat

New York: Wall Street stocks fell early Friday, with petroleum shares down on diving oil prices and retailers mixed at the start of the holiday shopping season.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 24,337.66, down 0.5 percent.

The broad-based S&P 500 fell 0.5 percent to 2,63455.83, while the tech-rich Nasdaq Composite Index slipped 0.2 percent to 6.955.67.

Dow members Exxon Mobil and Chevron both dropped more than two percent as oil prices slumped on global economic growth worries.

Analysts have also highlighted the US-China trade war and higher Federal Reserve interest rates as headwinds for stocks. US stocks fell sharply on both Monday and Tuesday this week before bouncing somewhat on Wednesday ahead of Thursday’s Thanksgiving holiday during which markets were closed.

Retail stocks were mixed early Friday, with Amazon and Walmart modestly higher and Target and Macy’s in retreat as retailers unveiled the annual “Black Friday” promotions. Analysts expect holiday sales to rise between four and five percent this season, owing to a strong labor market.

US markets close early Friday.