US stocks have opened lower as equities consolidated recent gains and investors prepared for a busy economic calendar next week.

Five minutes into trade on Friday, the Dow Jones Industrial Average lost 73.90 (0.48 per cent) at 15,481.71.

The broad-based S&P 500 fell 6.96 (0.41 per cent) to 1,683.29, while the tech-rich Nasdaq Composite Index gave up 16.69 (0.46 per cent) at 3,588.50.

Following recent records in both the Dow and the S&P 500, investors have embraced companies that have outperformed earnings expectations while taking a cautious approach to the overall market.

“The big move of late has created a sense that the market is due for a period of consolidation,” said Briefing.com analyst Patrick O’Hare.

The market is also taking a “wait-and-see” approach to investing ahead of next week’s reports on the jobs market, second-quarter economic growth and a Federal Reserve policy meeting, O’Hare said.