Stocks are off to a weak start Friday on Wall Street, losing momentum after a two-day rally.
The S&P 500 was off 0.2% in the early going and was just barely holding on to a gain for the week. Technology companies helped lead the way lower.
Nike slumped 6% after reporting revenue for its latest quarter that fell short of what analysts were looking for.
European markets were also trading lower, and Asian markets closed mostly lower.
The yield on the 10-year Treasury note rose to 1.44%, up sharply from the level of 1.31% it traded at on Monday.
Shares fell in Paris, London, Shanghai and Hong Kong but climbed 2.1% in Tokyo.
Worries over troubled Chinese real estate developer Evergrande and the pandemic are weighing on sentiment, analysts said.
Some Chinese banks on Friday disclosed what they are owed by Evergrande, seeking to dispel fears of financial turmoil as it struggles under $310 billion in debt. Evergrande’s announcement that it was making a payment due Thursday helped to ease some worries.
France’s CAC 40 slipped 0.9% in early trading to 6,641.43, while Germany’s DAX shed 0.7% to 15,531.38. Britain’s FTSE 100 edged down 0.3% to 7,059.54.
In Asian trading, Japan’s benchmark Nikkei 225 gained 609 points to 30,248.81. South Korea’s Kospi edged down nearly 0.1% to 3,125.24. Australia’s S&P/ASX 200 slipped 0.4% to 7,342.60. Hong Kong’s Hang Seng declined 1.3% to 24,192.16, while the Shanghai Composite lost 0.8% to 3,613.07.
