Stocks Opened Lower on Worries over Delay in Tax Cuts

U.S. stocks opened lower on Friday as investors worried about a delay in corporate tax cuts. The Dow Jones Industrial Average lately fell 51.07 points, or 0.22%, to 23,410.87. The S&P 500 lost 5.67 points, or 0.22%, to 2,578.95. The Nasdaq Composite dropped 8.52 points, or 0.13%, to 6,741.54.

Oil prices paused their rally Friday, having soared over the past week after top exporter Saudi Arabia detained hundreds of individuals in a corruption investigation. Brent crude was steady at $64.00 a barrel. West Texas Intermediate futures were down 0.1% at $57.17 a barrel.

The Walt Disney Company (DIS) reported earnings for its fourth quarter and fiscal year ended September 30, 2017. Diluted earnings per share (EPS) for the fourth quarter increased 3% from $1.10 in the prior-year quarter to $1.13 in the current quarter. Diluted EPS for the year decreased from $5.73 in the prior year to $5.69.

Department store chain J.C. Penney Co Inc (JCP) reported an increase in third-quarter same-store sales that was twice what analysts expected. The retailer said comparable sales rose 1.7 percent, compared with the 0.6 percent to 0.8 percent it had forecast last month.