Stocks Fall at Open on Persisting Oil and China Worries

U.S. stocks dropped at Wednesday's opening bell. Worries about falling oil prices and weakness in China are weighing on Wall Street. China is also the reason Yum Brands (YUM) is cutting its profit forecast for a second time. The owner of Taco Bell and Pizza Hut says sales in China are recovering more slowly than expected. Oil prices continue to drop as OPEC slashed its projection for demand next year. The group is forecasting demand to fall to its lowest level in 12-years. Mortgage applications rose 7.3% last week, that's the same amount it fell the prior week. The Mortgage Bankers Association says the activity was driven by refinancing.