US open: Dow Jones heads south at the bell
Wall Street stocks were in the red early on Wednesday after two straight positive sessions for major indices.
As of 1525 BST, the Dow Jones Industrial Average was down 0.60% at 32,980.52, while the S&P 500 was 0.52% weaker at 4,138.95 and the Nasdaq Composite came out the gate just 0.07% softer at 12,166.66.
The Dow opened 199.62 points lower on Wednesday, taking a chunk out of gains recorded in the previous session.
Despite investors shrugging off signs of an economic slowdown ahead of Friday's consumer price index reading in the previous session, stocks headed south on Wednesday as market participants digested updates from major companies and hints that economic growth may finally be slowing.
The benchmark 10-year Treasury note was also in focus early on Wednesday, with the yield moving above 3% again to 3.019%.
On the macro front, US mortgage applications fell in the week ended 3 June, according to the Mortgage Bankers Association, with housing prices remaining elevated and inventories remaining low.
The MBA's market composite index sank 6.5% to hit the lowest level in 22 years amid heightened interest rates, with applications to refinance a home dropping 5.6% and those to purchase a single-family home dropping 7.1%.
Elsewhere, wholesale inventories increased 2.2% month-on-month to $861.8bn in April, slightly ahead of initial estimates of 2.1% and after a 2.7% rise in the previous month for a 21st straight month of gains.
According to the Census Bureau, durable goods stock was up 2% and nondurable goods stock was 2.4% higher. On an annual basis, wholesale inventories jumped 24% in April, also above an earlier reading of 23.8%.
In the corporate space, Campbell Soup beat earnings and revenue estimates with its latest set of quarterly results before the session.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Nike Inc. (NKE) $123.53 1.52%
Walt Disney Co. (DIS) $109.09 1.21%
Salesforce.Com Inc. (CRM) $188.29 0.61%
Apple Inc. (AAPL) $149.60 0.60%
Boeing Co. (BA) $141.41 0.42%
Chevron Corp. (CVX) $180.88 0.37%
Visa Inc. (V) $215.29 0.37%
Verizon Communications Inc. (VZ) $51.83 0.34%
Dow Chemical Co. (DOW) $67.59 0.33%
Caterpillar Inc. (CAT) $227.13 0.01%
Dow Jones - Fallers
Intel Corp. (INTC) $41.94 -3.65%
Home Depot Inc. (HD) $298.07 -1.23%
Walmart Inc. (WMT) $122.14 -1.00%
Procter & Gamble Co. (PG) $145.59 -0.92%
Amgen Inc. (AMGN) $244.46 -0.79%
3M Co. (MMM) $145.75 -0.76%
Goldman Sachs Group Inc. (GS) $319.12 -0.74%
McDonald's Corp. (MCD) $247.09 -0.74%
Coca-Cola Co. (KO) $62.80 -0.71%
JP Morgan Chase & Co. (JPM) $129.19 -0.68%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $3.80 4.40%
Wynn Resorts Ltd. (WYNN) $69.59 3.16%
Brown Forman Corp. Class B (BF.B) $68.02 3.09%
Carmax Inc. (KMX) $100.94 2.76%
Netflix Inc. (NFLX) $203.30 2.36%
Meta Platforms Inc. (FB) $199.88 2.16%
Gap Inc. (GPS) $10.77 1.89%
PPG Industries Inc. (PPG) $130.92 1.66%
Nike Inc. (NKE) $123.53 1.52%
Ipg Photonics Corp. (IPGP) $105.54 1.45%
S&P 500 - Fallers
Altria Group Inc. (MO) $50.58 -6.35%
Intel Corp. (INTC) $41.94 -3.65%
Expeditors International Of Washington Inc. (EXPD) $106.27 -2.78%
Union Pacific Corp. (UNP) $222.46 -2.75%
Carnival Corp. (CCL) $13.46 -2.34%
Simon Property Group Inc. (SPG) $109.73 -2.27%
HP Inc (HPQ) $38.51 -2.15%
J. M. Smucker Co. (SJM) $127.55 -2.12%
Hanesbrands Inc. (HBI) $11.60 -2.11%
State Street Corp. (STT) $71.48 -2.10%
Nasdaq 100 - Risers
Trip.com Group Limited (TCOM) $24.48 5.06%
JD.com, Inc. (JD) $64.71 4.81%
Tesla Inc (TSLA) $746.86 4.21%
Qurate Retail Inc. (QRTEA) $3.89 3.87%
Wynn Resorts Ltd. (WYNN) $69.59 3.16%
NetEase Inc. Ads (NTES) $106.32 2.72%
Netflix Inc. (NFLX) $203.30 2.36%
Mercadolibre Inc. (MELI) $842.76 2.19%
Meta Platforms Inc. (FB) $199.88 2.16%
Baidu Inc. (BIDU) $152.98 1.59%
Nasdaq 100 - Fallers
Intel Corp. (INTC) $41.94 -3.65%
J.B. Hunt Transport Services Inc. (JBHT) $172.90 -2.08%
CSX Corp. (CSX) $32.05 -1.57%
Vodafone Group Plc ADS (VOD) $15.78 -1.56%
Marriott International - Class A (MAR) $175.13 -1.16%
Dollar Tree Inc (DLTR) $160.18 -1.09%
Henry Schein Inc. (HSIC) $84.44 -1.05%
Seagate Technology Plc (STX) $83.68 -0.95%
Micron Technology Inc. (MU) $70.09 -0.95%
Verisk Analytics Inc. (VRSK) $173.80 -0.94%