New York, Jan 25 | US stocks traded lower on Friday as travel stocks led the losses.
At midday, the Dow Jones Industrial Average declined 133.94 points, or 0.46 per cent, to 29,026.15. The S&P 500 was down 22.44 points, or 0.67 per cent, to 3,303.10. The Nasdaq Composite Index decreased 55.22 points, or 0.59 per cent, to 9,347.26.
Norwegian Cruise Line Holdings and Wynn Resorts declined 4.59 per cent and 4.58 per cent, respectively. American Airlines and United Airlines both fell more than 4 per cent in the morning session.
On the earnings front, American Express reported fourth-quarter results on Friday before the opening bell, which beat analyst expectations as card fee revenues grew more than expected.
It registered quarterly earnings per share of $2.03. Its consolidated total revenues net of interest expense were $11.4 billion, up 9 per cent year on year.
Intel beat estimates for the fourth quarter and gave an optimistic forecast for the first quarter of 2020. The company reported non-GAAP earnings per share of $1.52 on revenue of $20.2 billion.