NEW YORK — Stocks are giving back some of their big gains from earlier in the week as Wall Street’s rally loses some steam. The S&P 500 was 0.3% lower early Friday and on track for its first drop in seven days. The Dow Jones Industrial Average was off 69 points, or 0.2%, and the Nasdaq composite was down 0.4%. Treasury yields fell in the bond market after a report showed homebuilders broke ground on fewer projects last month.
The Hang Seng in Hong Kong added 1.9% to 17,430.16, while the Shanghai Composite index edged 0.1% higher at 2,879.43. In South Korea, the Kospi jumped 2% to close at 2,697.23. Australia’s S&P/ASX 200 advanced 1.3% to 7,971.10. Treasury yields also leaped in the bond market following the encouraging economic report. One said U.S. shoppers increased their spending at retailers last month by much more than economists expected, while another said fewer U.S. workers applied for unemployment benefits.
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