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Stocks on Wall Street Off to Lower Start

Stocks in New York slip at the open as corporate earnings take center stage and concerns of a global slowdown increase.
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Updated from 9:23 a.m. EDT

Stocks in New York opened with losses Wednesday, as

corporate earnings

again took center stage and concerns of a global slowdown increased.


Dow Jones Industrial Average

lost 203 points to 8831, and the

S&P 500

was down 21 points to 934. The


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 Free 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



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 Free Report

announced that profit grew 5.5% year over year but fell short of analysts' expectations.

On the industrial side, aircraft maker


(BA) - Get Free Report

saw income shrink 38% year over year, while rival

Northrop Grumman

(NOC) - Get Free Report

reported increasing net income and raised guidance.

In the energy patch, oil-services company

Baker Hughes


said its profit increased 10% year over year, while integrated oil firm


(COP) - Get Free Report

delivered an earnings beat on increasing revenue.

As for financial results, regional bank


(WB) - Get Free Report

swung to a $24 billion loss for the third quarter .

Fast-food provider


(MCD) - Get Free Report

, meanwhile, reported results that beat the Street's estimates.

Cigarette maker

Philip Morris International

(PM) - Get Free 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.

Asian markets

also finished lower.