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U.S. stocks opened slightly lower on Thursday, pulling back from record highs, as Wall Street digested earnings from some of the top financial companies.
The Dow Jones industrial average fell 30 points at the open, with Walt Disney contributing the most to the losses. The S&P 500 slipped 0.1 percent, with telecommunications and energy leading decliners. The Nasdaq composite also declined 0.1 percent.
The major indexes reached record highs in the previous session.
Bruce McCain, chief investment strategist at Key Private Bank, said this earnings season is off to a good start. “There’s kind of a general feeling that things are better than they have been, and that’s being reflected in the earnings season,” he said.
Other major financial companies slated to report this week include Bank of America and Wells Fargo.
Historically, this earnings season has been the best one for investors. Using hedge fund analytics tool Kensho, CNBC found the S&P 500 posts a gain of 2.3 percent on average 30 days after third-quarter earnings season begins, trading positive 79 percent of the time.
Equities have risen sharply this year, with the S&P 500 advancing 14 percent in that time period.
“There are two factors pushing the market higher,” said Zhiwei Ren, managing director and portfolio manager with Penn Mutual Asset Management. “The economic data is the strongest we’ve seen in years. … The second one is positioning. A log of people are still underweight risk. So, when the market keeps going higher, it forces others to chase it.”
Wall Street also set its sights on economic data Wednesday. The Labor Department said U.S. producer prices rose 0.4 percent last month and 2.6 percent in the 12 months through September.
Meanwhile, weekly jobless claims totaled 243,000, hitting a more than one-month low, the Labor Department also said.
Treasury yields slipped on Thursday. The two-year yield traded at 1.509 percent and the benchmark 10-year yield hovered around 2.33 percent.
—CNBC’s Tom Franck contributed to this report.
Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.