U.S. stocks edged lower in early trading Friday, a day after the Standard & Poor's 500 index notched a new high. Investors were digesting mixed data on U.S. manufacturing and the latest corporate earnings news. Energy stocks were among the biggest decliners as a slide in oil prices deepened.
KEEPING SCORE: The Dow Jones industrial average fell 23 points, or 0.1 percent, to 18,230 as of 10:09 a.m. Eastern time. The Standard & Poor's 500 index fell two points, or 0.1 percent, to 2,118. The Nasdaq composite declined seven points, or 0.1 percent, to 5,043.
PRICEY JAVA: Keurig Green Mountain sank 9 percent as investors worried that the company's new cold-drink machine is priced too high. The stock lost $9.37 to $93.62.
STRONG QUARTER: Applied Materials gained 2.5 percent after the semiconductor maker reported quarterly results that came in ahead of analysts' forecasts. The stock added 51 cents to $20.37.
MANUFACTURING UPDATE: Separate reports offered a mixed assessment of U.S. manufacturing. The Federal Reserve said factory activity in New York increased slightly in May, suggesting that manufacturers are beginning to adapt to the challenges caused by a stronger dollar, lower oil prices and restrained consumer spending. Meanwhile, U.S. industrial output fell for the fifth straight month in April. The trend suggests that weakness in manufacturing and mining are weighing heavily on the economy.
EUROPEAN ACTION: European Central Bank President Mario Draghi said that the bank will fully implement its $1.2 trillion bond-buying program. There had been some speculation that the ECB might end the program earlier than anticipated in the wake of solid economic growth figures. Germany's DAX fell 0.2 percent while the CAC-40 in France rose 0.1 percent. The FTSE 100 index of leading British shares was up 0.2 percent.
ASIA SCORECARD: Japan's Nikkei 225 gained 0.8 percent while Hong Kong's Hang Seng gained 2 percent. Australia's S&P/ASX 200 rose 0.7 percent. South Korea's Kospi fell 0.7 percent after the Bank of Korea kept its benchmark interest rate unchanged. The Shanghai Composite index dropped 1.6 percent. Markets in Southeast Asia mostly rose.
ENERGY: Benchmark U.S. crude oil fell 99 cents to $58.89 a barrel on the New York Mercantile Exchange.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.17 percent from 2.23 percent late Thursday.