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Wall Street opens lower; Viacom shares gain on settlement news

AFP
The Dow Jones Industrial Average was down 0.3 percent on the previous day at 18,541.75, about an hour into trade

Shares in Viacom Inc gained in opening trade Friday on word of a possible end to the company's corporate power struggle, but Wall Street stocks overall were lower.

About ten minutes into trade, Viacom was up 2.0 percent while other media conglomerates were edging lower. Comcast, parent of Olympics broadcaster NBC, was down 1.0 percent.

The Dow Jones Industrial Average fell 0.4 percent at 18,518.74 and the broader S&P 500 lost 0.5 percent at 2,175.40

The tech-heavy Nasdaq was down 0.3 percent at 5,218.39.

Viacom members were reportedly still negotiating on Friday to end the battle between aged founder Sumner Redstone and chief executive Philippe Duman though no deal had been reached.