Stocks: Treading water after record run

  @CNNMoneyInvest September 20, 2013: 8:04 AM ET
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NEW YORK (CNNMoney)

The market mood was muted Friday as traders and investors consider their next moves after stocks scaled new peaks.

Both the S&P 500 index and Dow Jones Industrial Average hit record highs this week after the Federal Reserve surprised markets by deciding against scaling back its bond-buying program because of concerns about the health of the economy.

U.S. stock futures were moving sideways ahead of the opening bell.

There is little in the way of economic or corporate news expected, though investors will be watching developments at Apple (AAPL, Fortune 500) stores around the world as the new iPhones go on sale.

Related: Crowds gather for new iPhones

The smartphones will be available starting in the U.S., China and seven other countries Friday, and throngs of people have lined up to be among the first to snag one.

Investors will be hoping the phones are a hit and will support Apple's share price, which has declined by 33% over the past year.

Darden Restaurants (DRI, Fortune 500), which operates chains including Olive Garden and Red Lobster, reported that quarterly sales increased, compared to the year-earlier quarter, partly because the company acquired more than 140 new restaurants. But profit took a dive, and Darden said it's planning workforce reductions. The company's stock slipped in premarket trading.

Related: Fear & Greed Index is getting greedy once again

U.S. stocks finished mixed Thursday, but the Dow and S&P remain near record highs following the Fed's decision.

European markets were mixed in afternoon trading, as Germans look forward to national elections on Sunday. Chancellor Angela Merkel and her center-right Christian Democrats are seeking a third term to run the most powerful economy in Europe. The DAX in Frankfurt was slightly higher.

Shares in Adidas (ADDDF) fell by just over 4% after the sportswear maker warned that its full-year results would be lower than expected due in part to unfavorable currency fluctuations.

Asian markets had a muted trading session, with the Hong Kong exchange closed for a holiday. But Indian markets grabbed headlines as the Mumbai Sensex dropped sharply. Investors pushed the index down by 2.5% after the Indian central bank announced it was raising interest rates to stem inflation. To top of page



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