Stocks opened mixed Wednesday, as earnings reports and a rebounding dollar framed the market's early tone.
The Dow Jones industrial average fell 0.3% and the S&P 500 0.1%, but the Nasdaq rose 0.1%.
In Motion: Wal-Mart, Target, Gigamon, Adtran
Wal-Mart (WMT) sagged more than 1%. The retail giant had surged 2% Tuesday, after announcing its own expansion plans that will add 10,000 workers in the U.S., and on criticism by President-elect Donald Trump of a GOP import tax plan.
Target (TGT) tumbled nearly 5%, the latest retailer to trim its fourth-quarter revenue guidance because of weak holiday sales. The big-box chain said comparable-store sales slipped 1.3% in November and December, and it predicted a fourth-quarter comparable sales decline of 1%-1.5%.
On the earnings front, CSX (CSX) dropped more than 3%. United Continental Holdings (UAL) rose a fraction after reporting fourth-quarter results late Tuesday.
Goldman Sachs (GS) fell 1% after reporting a big fourth-quarter beat.
Citigroup (C) traded down 1.5% after reporting mixed fourth-quarter results.
Adtran (ADTN) rose 1% on a better-than-expected 31% gain in per-share earnings and a 17% rise in revenue in its fourth quarter. The stock rebounded from support at its 10-week moving average in strong trade on Tuesday.
Netherlands-based ASML Holding (ASML) swung up 6% following a solid fourth-quarter beat in sales and earnings, and an increase of its first-quarter revenue guidance. The stock ended Tuesday 5% above a 110.24 buy point after clearing a double-bottom base in December.
Gigamon (GIMO) plummeted 26% at the open. The network performance gear maker warned fourth-quarter earnings and revenue would miss earlier guidance. The IBD 50 company is scheduled to report Feb. 2.
Consumer Prices Advance; Coming Up: Builder Sentiment
The dollar regained some strength after a five-day decline. Oil backed down a bit more than 1%, leaving West Texas Intermediate below $52 a barrel. Gold traded flat, and bonds dipped, lifting the 10-year yield 5 basis points to 2.37%.
Consumer price gains accelerated in December, lifting the Labor Department's Consumer Price Index an as-expected 0.3%, vs. a 0.2% gain in November. Core prices, minus energy and food, also rose in line with estimates: up 0.2%, even with November's increase.
Industrial production data for December rose 0.8%, better than views for a 0.6% gain. But reflected a surge in utility output amid higher-than-usual winter demand. November output was revised to an even-worse 0.7% decline. And manufacturing production rose just 0.2% last month.
The National Association of Home Builders' Housing Market Index is due out at 10 a.m. ET.
At 2 p.m. ET, the Federal Reserve releases its January Beige Book.
A couple of key Fed speeches could also affect trade: Minneapolis Federal Reserve Bank President Neal Kashkari is on the docket for a 10 a.m. ET speech. Federal Reserve Chair Janet Yellen speaks at a 3 p.m. ET.
Overseas, Asia's markets gained ground Wednesday. Hong Kong's Hang Seng Index popped 1.1% and the Nikkei 225 in Tokyo rose 0.4%.
Markets across Europe remained mixed in afternoon trade, with the FTSE 100 in London up 0.3%, the CAC 40 in Paris holding a 0.2% gain and Frankfurt's DAX down 0.4%.
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