NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are pulling back slightly in early trading on Wall Street as traders wait for more clarity on where things stand with trade talks between the U.S. and China.

Major indexes were edging just below the record highs they set a day earlier.

Energy companies and banks were falling more than the rest of the market in early trading Friday. ConocoPhillips fell 2.1% and Principal Financial lost 1.1%.

Gap sank 5.2% after naming a new CEO, and Disney jumped 4.8% after reporting results that beat analysts' forecasts.

The S&P 500 fell 5 points, or 0.1%, to 3,081.

The Dow Jones Industrial Average lost 14 points, or 0.1%, to 27,660. The Nasdaq slipped 5 points, or 0.1%, to 8,429.

Bond prices fell. The yield on the 10-year Treasury rose to 1.93%.

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