United States markets were broadly lower in early trading on Wednesday, and technology company stocks took some of the biggest losses.þþKEEPING SCORE The Dow Jones industrial average fell 0.55 percent and the Standard & Poor’s 500-stock index was down 0.53 percent. The Nasdaq composite index dropped 0.70 percent.þþEARLY MOVERS Apple’s latest quarterly results met Wall Street expectations but investors worried that the company relied too much on the success of its iPhone. The stock fell 4 percent. Shares of energy companies were falling with the price of oil. Occidental Petroleum stock slid 1 percent.þþU.S. CONSUMER A drop in a consumer confidence index and disappointing third-quarter earnings from major companies raised worries over consumer spending, a critical growth driver. Sherwin-Williams stock had its worst day in seven years, tumbling 10.9 percent, while shares of Whirlpool dropped 10.8 percent. Shares of the athletic wear maker Under Armour sank 13.2 percent, its biggest drop in almost eight years. Apple reported lower quarterly sales, though Comcast and Coca-Cola’s reports were more upbeat on Wednesday.þþLOOKING AHEAD Investors will also keep an eye on new home sales and a survey of the services sector. A pickup could consolidate expectations that the Federal Reserve will raise interest rates as soon as December.þþþþþþEUROPEAN MARKETS In Germany, the DAX fell 1 percent and in France, the CAC 40 lost 0.6 percent. The FTSE 100 was down 1.3 percent in Britain.þþOIL PRICES Crude prices were down after the American Petroleum Institute reported a much larger than expected buildup in American crude inventories. Benchmark United States crude oil was down 82 cents, to $49.14 a barrel on the New York Mercantile Exchange. It lost 56 cents on Tuesday. Brent crude, the international standard, dropped 94 cents, to $49.87 a barrel after falling 67 cents the day before.þþASIA’S DAY The Nikkei 225 rose 0.2 percent in Japan, while in Hong Kong, the Hang Seng fell 1 percent. The Kospi dropped 1.1 percent in South Korea. In Australia, the S.&P./ASX 200 fell 1.5 percent, while the Sensex in India was off 0.8 percent. Markets in Southeast Asia and Taiwan were also mostly lower.þþBONDS AND CURRENCIES Bond prices fell. The yield on the 10-year Treasury note rose to 1.79 percent. The dollar was unchanged at 104.12 yen. The euro rose to $1.0939 from $1.0879.þ
Source: NY Times
