Stocks opened lower Wednesday, as investors waded into the thick of earnings season.
The Dow industrials and Nasdaq fell 0.5% and the S&P 500 dipped 0.4%. The all cap Russell 2000 futures dropped 0.8%.
In Motion: Boeing, Apple, Edwards Lifesciences
Earnings reports were center stage in the stock market today, with AT&T (T) down a fraction and Chipotle Mexican Grill (CMG) down 6% after reporting results late Tuesday. Panera Bread (PNRA) jumped 2% and Comcast (CMCSA) fell nearly 2% after delivering above-target results.
Apple (AAPL) opened 4% lower after reporting mixed fiscal fourth-quarter results late Tuesday. Apple is now below a 116.28 buy point.
Edwards Lifesciences (EW) tanked 16% at the open. The medical products heavyweight turned in weaker-than-expected third-quarter results late Tuesday. Earnings met views, but revenue didn't, and the company's gross margin dropped sharply.
Boeing (BA) reversed early gains and dropped a fraction after topping third-quarter views and raising earnings and delivery guidance. The premarket gain implied the stock would open just above a 139.55 buy point in an 11-week flat base.
Akamai Technologies (AKAM) surged 13%. The network performance specialist reported a 7% earnings gain and a 6% rise in revenue, both above analyst views. Akamai ended Tuesday's session just out of buy range above a 56.15 buy point in a cup-with-handle base.
Logitech International (LOGI) spiked 18% after meeting fiscal second expectations late Tuesday. Brean Murray launched coverage on the stock with a buy rating and a 30 price target. Logitech briefly cleared a 21.52 flat base buy point early this month. It then pulled back to just below the buy point and below its 10-week moving average.
New Home Sales, September Services, Oil Inventories
The U.S. trade deficit narrowed to $56.1 billion in September, the Commerce Department, reported. That was down from $59.1 billion in August and well below expectations for an increase to $60.5 billion.
A preliminary September services purchasing mangers index estimate from researcher Markit is expected at 9:45 a.m. ET. September new home sales are on tap at 10 a.m. ET. And the Energy Information Administration reports weekly oil inventories at 10:30 a.m.
A massive after-hours reporting schedule includes Tesla Motors (TSLA), NXP Semiconductors (NXPI), Barrick Gold (ABX) and Buffalo Wild Wings (BWLD).
Oil Down; Europe Under Pressure
Oil prices slumped nearly 2%, sending West Texas Intermediate below $50 a barrel -- the price that has acted as a floor to its recent trading level. Gold eased a fraction to below $1,272 an ounce. The dollar was mixed after the U.S. Dollar Index etched a nine-month high on Tuesday. Bonds eased, lifting the 10-year yield 2 basis points to 1.77%.
Markets were generally under pressure overseas. China's markets closed lower. Tokyo's Nikkei 225 added 0.8% as the yen slipped to a three-month low against the U.S. dollar.
European indexes were posting new session lows in afternoon trade. The FTSE 100 in London dropped 1.2%, Frankfurt's DAX slipped o.9% and the CAC-40 in Paris was off 0.5%.
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