Stocks Edged Lower

Stocks edged lower on Friday morning as investors remain cautious due to a resurgent Covid virus and a Federal Reserve meeting next week.

The Dow Jones Industrial Average lost about 80 points. The S&P 500 shed 0.4% and the Nasdaq Composite lost 0.4%.

The Federal Open Market Committee's (FOMC) two-day policy meeting next week should provide some clarity on the outlook for tapering and interest rates.

Shares of Invesco jumped 7% after the Wall Street Journal reported the money manager is in talks to combine with State Street’s asset-management business. Invesco manages about $1.5 trillion.

The yield on the benchmark 10-year Treasury note advanced by 1.4 basis points to 1.345%. The yield on the 30-year Treasury bond fell less a basis point to 1.889%. Yields move inversely to prices.

WTI futures for October delivery fell 50 cents from last night's close to trade at $72.11 per barrel while Brent contracts for November fell 29 cents to $75.38 per barrel.

Spot gold rates were flat at $1,754.86 per ounce after a sharp fall in the previous session.