U.S. stocks fell hard Thursday.
NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all flat in early trading Friday. U.S. stocks fell hard Thursday.
The major indexes are just below their closing levels from a week ago, a dramatic turnaround from Tuesday when they were hitting new record highs.
Declining Treasury yields, concerns about the global economy and a broad sense of fear in the markets has contributed to pushing stocks down.
Related: Fear & Greed Index shows extreme fear
While the overall market was treading water, a number of well-known stocks were making moves.
Darden Restaurants (DRI, Fortune 500) announced plans to sell its Red Lobster chain to private equity firm Golden Gate Capital $2.1 billion. The company, which also owns Olive Garden, plans to use the proceeds to pay down debt. But the stock fell more than 3% on the news.
Shares of WWE (WWE) were body slammed, plunging nearly 45% after the company unveiled a new television distribution agreement with Comcast (CMCSA, Fortune 500)-owned NBCU late Thursday. WWE expects the deal to result in losses ranging from $35 million to $52 million over the next two years, depending on how many people sign up to watch the Raw and Smackdown broadcasts.
J.C. Penney (JCP, Fortune 500) shares surged as the retailer posted quarterly sales that beat expectations and revealed a smaller-than-expected loss.
Luxury retailer Nordstrom (JWN, Fortune 500) shares also rose on better-than-expected earnings.
Verizon (VZ, Fortune 500) shares were up about 2% after Warren Buffett's investment firm, Berkshire Hathaway (BRKA, Fortune 500), revealed it had purchased a stake worth nearly $530 million in the company.
Two companies are set to begin trading for the first time Friday.
TrueCar (TRUE), a website that offers users guaranteed pricing on cars, priced its initial public offering of stock at $9 a share, well below the expected range.
Jumei International Holdings (JMEI), the largest online seller of beauty products in China, boosted the size of its IPO and priced the stock above the range at $22 a share. Strong demand for Jumei could be a sign that investors will have a similarly big appetite for Chinese e-commerce king Alibaba once it begins trading later this year.
Related: CNNMoney's Tech 30
Indian markets were shining amid the broader gloom. The nation's benchmark Sensex index surged to a record high as early election results suggested a sweeping victory for Narendra Modi and the pro-business Bharatiya Janata Party.
Other Asian markets ended mixed, while European markets were relatively flat in morning trading.
First Published: May 16, 2014: 9:55 AM ET
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