Dow and S&P retreat from record highs - New York Report

US SHARES edged lower yesterday as minutes from the most recent Federal Reserve meeting gave investors few new clues as to when interest rates might rise.

The S&P 500 snapped a four-day run of gains and a two-day streak of record closing highs.

The Dow Jones industrial average fell 2.09 points, or 0.01 per cent, to 17,685.73, the S&P 500 lost 3.08 points, or 0.15 per cent, to 2,048.72 and the Nasdaq Composite dropped 26.73 points, or 0.57 per cent, to 4,675.71.

Tech names were among the biggest drags on the market, with the Nasdaq underperforming both the Dow and S&P 500.

Shares of Microsoft fell 1.1 per cent to $48.22 and Qualcomm eased 2.1 per cent to $70.47 as a result of it giving a more conservative five-year outlook than in the past.

Among the S&P 500’s biggest positives, Target rose 7.4 per cent to $72.50 and Lowe’s rose 6.4 per cent to $62.26, both after results.

Oplink Communications shares jumped 13.8 per cent to $24.18. It is being purchased by Koch Optics, a subsidiary of privately held Koch Industries, for about $445m.

Among other big movers, shares of JetBlue Airways rose 4.1 per cent to $13.25 after it said it would charge certain customers for their first checked luggage.

After the bell, shares of fell 4.1 per cent to $58.55 as its revenue forecast missed analysts’ expectations.