Shares on Wall Street slip back

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Dow Jones Industrial Average

Last Updated at 29 Jan 2015, 16:27 ET *Chart shows local time Dow Jones intraday chart
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(Open): US stock markets fell back slightly in early trade as investors assessed a raft of corporate news.

After opening higher the Dow Jones quickly fell back to stand 10.79 points lower at 17,180.58.

The S&P 500 index dropped 7.01 points to 1,995.15 while the tech-focused Nasdaq fell 19.10 points to 4,618.90.

McDonald's shares rose 3.3% on the news that its chief executive, Don Thompson, is stepping down after two and a half years in the job.

He will be replaced by British-born Steve Easterbrook, the company's current chief brand officer, in March.

Shares in Chinese e-commerce firm Alibaba fell 10% after its latest results disappointed. Revenues in the final three months of the year - the firm's third fiscal quarter - rose 40%, but analysts had been expecting more.

Ford shares were little changed after the carmaker's latest results. Fourth quarter net income fell to $52m, down from $3.07bn a year earlier when the figure was inflated by a $2.1bn tax credit. The latest figure was also affected by an $800m charge to cover currency controls in Venezuela.

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