FILE- In this Oct. 15, 2018, photo trader John Santiago, right, works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Oct. 24. (AP Photo/Richard Drew, File)

US stocks edge lower as traders weigh earnings; oil rises

October 24, 2018 - 10:14 am

U.S. stocks declined in early trading Wednesday, adding to losses from a day earlier. Losses in technology and internet services companies outweighed gains in retailers and other consumer-focused companies. Energy stocks rose as oil prices rebounded from a steep drop a day earlier.

KEEPING SCORE: The S&P 500 fell 11 points, or 0.4 percent, to 2,729 as of 10:06 a.m. Eastern Time. The Dow Jones Industrial Average lost 21 points, or 0.1 percent, to 25,169. The Nasdaq slid 49 points, or 0.7 percent, to 7,388. The Russell 2000 index of smaller-company stocks gave up 1 point, or 0.1 percent, to 1,524.

DOES NOT COMPUTE: Texas Instruments fell 4.1 percent to $96.11 after the chipmaker delivered quarterly results that fell short of Wall Street's forecasts.

BOTCHED DELIVERY: United Parcel Service slid 3.6 percent to $110.14 after the shipping company reported weak international revenue, while the strong dollar and high fuel prices also hurt its results.

TARIFFS TROUBLE: Shares in iRobot gave up 11.9 percent to $80.88 percent after the robotics technology company said tariffs will reduce its profitability in the fourth quarter.

HIGH FLYER: Boeing rose 3.8 percent to $363.24 after the defense contractor's latest quarterly results topped analysts' forecasts. The company also raised its estimates for the year, citing faster orders for aircraft.

BOND YIELDS: Bond prices rose, sending the yield on the 10-year Treasury note down to 3.14 percent from 3.16 percent late Tuesday.

ENERGY: Crude oil prices were headed higher Wednesday, clawing back part of a sharp decline a day earlier. Benchmark U.S. crude added 1.2 percent to $67.20 per barrel in New York. Brent crude, used to price international oils, gained 0.6 percent to $76.84 per barrel in London.

The pickup in oil prices helped lift energy stocks. Anadarko Petroleum gained 1.4 percent to $67.21.

CURRENCIES: The dollar strengthened to 112.62 yen from 112.47 yen on Tuesday. The euro fell to $1.1400 from $1.1467.

MARKETS OVERSEAS: Major indexes in Europe were trading higher. Germany's DAX added 0.4 percent, while the CAC 40 in France rose 1 percent. Britain's FTSE 100 picked up 0.9 percent. Japan's Nikkei 225 index rose 0.4 percent after a private survey pointed to a recovery in manufacturing in October. Hong Kong's Hang Seng index dropped 0.4 percent and the Kospi in South Korea gave up 0.4 percent.

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