U.S. stocks open lower after record highs

U.S. stocks opened lower on Friday, as investors became cautious after the Dow and S&P 500 notched record highs.

U.S. equities poised to pull back on Friday after the Dow hit its 10th straight record closing high in the previous session, as some profit-taking might be taking place.

U.S. stocks have posted sharp gains since Trump won the presidential election last November, as analysts said hopes for tax cuts and a rollback on regulations fueled the recent rally.

U.S. Treasury Secretary Steven Mnuchin said Thursday that he wants to see a "very significant" tax reform passed before the Congress August recess.

"We want to get this done by the August recess. We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan," he said.

In corporate news, JC Penney delivered better-than-expected earnings before Friday's opening bell, but announced it will close up to 140 stores over the next few months. The department store firm's shares sank 8.02 percent in the early trading.

Shortly after the opening bell, the Dow Jones Industrial Average was down 61.41 points, or 0.30 percent, to 20,748.91. The S&P 500 lost 10.23 points, or 0.43 percent, to 2,353.58. The Nasdaq Composite Index shed 30.72 points, or 0.53 percent, to 5,804.79. Endi