Stocks on Wall Street Off to Lower Start
Updated from 9:23 a.m. EDT
Stocks in New York opened with losses Wednesday, as
again took center stage and concerns of a global slowdown increased.
The
Dow Jones Industrial Average
lost 203 points to 8831, and the
S&P 500
was down 21 points to 934. The
Nasdaq
dropped 28 points to 1669.
On Tuesday, stocks sold off sharply into the close as traders took profits from Monday's rally and sorted through gloomy earnings statements from a wide variety of firms.
Following Tuesday's close, traders heard from some big technology names.
(AAPL) - Get Report
reported a 26% increase in third-quarter earnings. Strong iPhone sales contributed to the improvement, but the company worked to temper expectations for the fourth quarter on a slowing economy.
Internet portal
(YHOO)
also announced third-quarter earnings, saying profit declined 64%. The company also said it would cut at least 1,500 jobs this year.
Ahead of the new day's trading, investors were be shoveling through a fresh pile of earnings statements. Telecommunications service provider
(T) - Get Report
announced that profit grew 5.5% year over year but fell short of analysts' expectations.
On the industrial side, aircraft maker
(BA) - Get Report
saw income shrink 38% year over year, while rival
Northrop Grumman
(NOC) - Get Report
reported increasing net income and raised guidance.
In the energy patch, oil-services company
Baker Hughes
(BHI)
said its profit increased 10% year over year, while integrated oil firm
ConocoPhillips
(COP) - Get Report
delivered an earnings beat on increasing revenue.
As for financial results, regional bank
Wachovia
(WB) - Get Report
swung to a $24 billion loss for the third quarter .
Fast-food provider
McDonald's
(MCD) - Get Report
, meanwhile, reported results that beat the Street's estimates.
Cigarette maker
(PM) - Get Report
reported rising profit on increasing revenue and organic growth.
On a day that is rather light on economic data, the Energy Information Administration is set to release its crude-oil inventory figures for the week ended Oct. 18.
In commodities, crude oil was losing $3.13 to $69.05 a barrel. Gold was giving back $16.90 to $751.10 an ounce.
Longer-dated U.S. Treasury securities were rising in price. The 10-year note was up 20/32, yielding 3.66%. The 30-year was gaining 1-14/32 to yield 4.13%. The dollar was logging massive gains vs. the euro and pound but weaker against the yen.
Overseas, European indices, including the FTSE in London and the DAX in Frankfurt, were mainly trading lower.
also finished lower.
