Stocks fell early Wednesday after two days of gains as economic concerns lingered on another big day for earnings news. Index futures recently showed the S&P 500 trading 3 points below fair value, while the Nasdaq was set for a 7-point decline. The 10-year Treasury bond was down 3/32 in price to yield 5.08%, while the dollar fell against the yen and euro. Overseas markets were mostly higher, with London's FTSE 100 adding 0.2% to 5864 and Germany's Xetra DAX up 0.1% to 7389. In Asia, Japan's Nikkei fell 0.8% overnight to 14,884, while Hong Kong's Hang Seng gained 0.2% to 16,617. Oil rose ahead of an Energy Department report that is expected to show a 700,000-barrel decline in crude inventories for last week and a 200,000-barrel decline in gasoline inventories. September crude was recently up 14 cents to $73.89 a barrel. Falling oil prices helped kick-start a late-session rally in New York on Tuesday, sending the Dow Jones Industrial Average to a 53-point gain and the Nasdaq Composite up by 12 points. Over two days, the Dow has risen 235 points and the Nasdaq has climbed 54. Wednesday's economic docket is relatively light, consisting primarily of the Federal Reserve's Beige Book economic report at 2 p.m. EDT. On Thursday, the Commerce Department is expected to say that durable goods orders bounced back by 2% in June after falling by 0.2% in May. In early earnings news, General Motors ( GM) said a writedown related to its employee buyouts led to a loss of $3.2 billion, or $5.62 a share, in its second quarter. Excluding items, earnings were much better than expected at $2.03 a share. Lucent's ( LU) third-quarter earnings fell by a little more than half to $79 million, or 2 cents a share, matching estimates. Sales fell 4% from a year ago to $2.05 billion. To view Farnoosh Torabi's video take on today's market,
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Amazon ( AMZN) shares tanked late Tuesday after the company reported a second-quarter profit of $22 million, or 5 cents a share, on $2.14 billion in sales. The profit number missed estimates by 2 cents a share. Corning ( GLW) were also roughed up after the company reported an adjusted second-quarter profit that beat estimates but guided lower for the current period. Corning reported a 6% decline in sales and an 18% plunge in profit at its LCD unit in the second quarter.