Wall Street slips as banks fall after results, AT&T sinks

DirecTV owner AT&T weighed on the S&P 500 the most, tumbling 6.1 percent after the No. 2 USA wireless carrier said it lost 90,000 us video subscribers in the third quarter due to intense competition and the impact of recent hurricanes.

US stocks retreated from recent record highs on Thursday as AT&T shares sank after it said it lost subscribers in the last quarter and banks slipped following results from JPMorgan and Citigroup.

With the S&P 500 up about 14 per cent in 2017, investors are betting on strong earnings growth to sustain the valuation.Germany's stocks benchmark index DAX rose above 13,000 points for the first time in its 30-year history on Thursday, as relatively attractive valuations and optimism about global economic growth continued to lure investors. Charter fell 2.6 percent, while Viacom was down 2.5 percent. The Nasdaq composite fell 12 points, or 0.2 percent, to 6,591.

Among other media-related stocks, Viacom said Charter Communications subscribers may lose access to its channels as the expiration looms for a distribution deal.

Women's clothing retailer J. Jill lost half its value after the company slashed its forecast for the third quarter.

About 15 minutes into trading, the Dow Jones Industrial Average was at 22,838.78, down 0.2 percent.

A rally on Wall Street paused on Thursday following lacklustre quarterly earnings from JPMorgan and Citigroup and as media stocks dropped for the second straight day.

AT&T sank 3 percent in early trading Thursday after saying it was losing DirecTV subscribers.

JPMorgan Chase & Co and Citigroup Inc said they had set aside more money for credit card lending losses in the third quarter, stoking concerns about consumer credit, even as they reported results that topped analyst estimates. Cable TV operator Comcast also fell 2.3 percent.

Energy stocks also fell, dragged down by a more than 1 per cent drop in crude oil prices as United States fuel inventories rose despite efforts by OPEC to cut production.