Markets traded lower for the first time in eight sessions on Thursday, as investors paused for breath after fresh record closes during the previous session. European markets fell slightly, weighed by a slide in shares of Nestle and a retreat of banks and major oil companies. Wall Street traded on a similar note. All three benchmarks were in the red, after closing at record highs in the previous session.

Airlines pick up, banks retreat

Several airline stocks were in the green on Thursday. Shares of Air France soared 12% after the company reported strong earnings. The company’s net profit surged on a sharp drop in fuel costs. Similarly, shares of Lufthansa, Wizz Air and International Consolidated Airlines were trading in positive territory.

European and American banking shares took a rare breather on Thursday, following a strong run in recent weeks as investors welcomes the prospect of higher interest rates. Shares of Deutsche Bank fell 1.52%, whereas HSBC was 0.23% lower. Bank of America shed 0.7% and Wells Fargo lost 1.28%.

Shares of Coca-Cola were higher, after the bottling company said profit rose last year, as it benefited from cost cuts and efficiency improvements. Shares climbed 4.33%.

Oil

Us oil producers sent a record 7 million barrels of crude out into the world market last week, at a time when OPEC members have cut back on their own output by nearly the same amount.

Most oil majors were in the red on Thursday, with Royal Dutch Shell leading declines. Its shares fell 1.85%. Shares in BP also struggled, closing 1.74% lower. Both companies also went ex-dividend, which means any new investors lose out on the right for the next round of dividends.

Nestle leaves investors hungry for more

No matter how big a company is, investors want to see strong growth. Global food giant Nestle is large enough that driving huge growth rates in revenue and earnings is difficult at best, but that doesn’t make its shareholders any less ambitious in wanting the company to seek ways to tap into new markets and overcome challenges to future success.

Coming into Thursday’s release of its full year 2016 result, Nestle investors wanted evi

Sales of 89.5 billion Swiss francs were up just 0.8% from the previous year, while net income of 8.88 billion Swiss francs was down almost 6% from previous years. Looking more closely at the numbers, Nestle faced a negative impact of a strong Swiss franc. Although shares sank 3.4% during morning trade, the stock rebounded throughout the rest of the session, eventually closing 1% lower.