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Benchmark Indexes Lower but Retail Shares Rally

Retail shares rally as Gap reports top- and bottom-line beats for the fiscal third quarter.

The benchmark U.S. indexes were all lower with the Nasdaq retreating from a closing record set on Thursday. Retail shares, however, were rallying after better-than-expected earnings from Gap Inc. (GPS) - Get Gap Inc. (The) Report .

The retailer reported its fourth consecutive quarter of same-store sales growth. During the fiscal third quarter, same-store sales jumped 3%. Earnings of 58 cents a share exceeded estimates of 54 cents, and sales of $3.84 billion surpassed expectations.

Gap also increased its full-year earnings guidance to $2.08 to $2.12 to share, up from $2.02 to $2.10.

Shares of Twenty-First Century Fox (FOXA) - Get Fox Corporation Report jumped higher following reports that Comcast Corp. (CMCSA) - Get Comcast Corporation Class A Common Stock Report and Verizon Communications Inc. (VZ) - Get Verizon Communications Inc. Report have expressed interest in acquiring assets from the Rupert Murdoch-founded media conglomerate. Similar to Disney (DIS) - Get The Walt Disney Company Report , those two are interested in buying some of Fox's assets including its movie studio and cable business. 

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Tesla Inc. (TSLA) - Get Tesla Inc. Report  shares were moving higher after CEO Elon Musk unveiled on Thursday a new electric-powered semi tractor-trailer truck. Trucking company J.B. Hunt Transport Services Inc. (JBHT) - Get J.B. Hunt Transport Services Inc. Report announced on Friday that it placed a reservation for "multiple" Tesla Semi tractor-trailer trucks.

Musk also made a surprise announcement of a new roadster that he said would be the fastest production car ever, with a top speed of 250 mph.

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