Stocks on Wall Street retreat

NYSE trader

US stocks edged lower as trading began, with technology and financial stocks coming under pressure.

The retreat came after gains on Thursday, when the US House of Representatives approved a closely-watched tax overhaul that would reduce the corporate tax rate.

The Dow Jones fell 75 points, or 0.3%, to 23,384.

The wider S&P 500 slid 4.5 points or 0.17% to 2,581.3, and the Nasdaq dipped 4 points or 0.06% to 6,789.2.

The Nasdaq stock index welcomed a fashion start-up as Stitch Fix, an online twist on a personal shopping service, raised $120m in the initial public offering, pricing shares at $15.

Clothing retailers were in fashion after some well-received results. Shares in Abercrombie & Fitch jumped 20% after its third-quarter results beat expectations and it forecast strong trading over current quarter.

Gap shares gained 6% after it reported a 3% rise in same-store sales during the third quarter.

Shares in Twenty-First Century Fox were up nearly 6% following reports that both Comcast and Verizon were interesting in buying some the company’s businesses.

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