Investing.com - U.S. stocks opened mixed to lower on Wednesday, weighed by sharp losses in th technology sector, despite stronger-than-expected U.S. housing data.
During early U.S. trade, the Dow Jones Industrial Average fell 0.31%, the S&P 500 index inched up 0.04%, while the Nasdaq Composite index dropped 0.32%.
Official data showed that the number of housing starts in the U.S. rose to the highest level in four years in September, while building permits issued surged to the highest level since July 2008.
The U.S. Census Bureau said that housing starts rose by 15% in September to a seasonally adjusted 0.872 million, blowing past expectations for a 2.7% increase to 0.770 million.
The report also showed that the number of building permits issued in September rose 11.6% to a seasonally adjusted 0.894 million, compared to expectations for a 1.1% gain to 0.810 million.
Sentiment was boosted earlier, after Moody’s confirmed Spain’s credit rating at Baaa3 with a negative outlook, just one notch above junk status and expressed confidence that reforms enacted by the Spanish government and support from the euro zone would ensure that Madrid had continued access to the credit market.
In the tech sector, Intel saw shares plummet 3.33% and IBM dove 4.58% on signs the global economic slowdown is prompting companies to curtail technology spending and pushing consumers to favor mobile devices like Apple's iPhone over personal computers.
On Tuesday, Intel forecast fourth-quarter gross margins that missed analysts' estimates, while IBM reported third-quarter revenue that fell short of projections.
On the upside, financial stocks were mostly higher, as shares in JP Morgan added 0.33% and Goldman Sachs climbed 0.66%, while Citigroup jumped 1.40%.
Bank of America underperformed on the other hand, sliding 0.63% after the U.S. lender reported a breakeven quarter, exceeding expectations for a loss, while revenue was lighter than expected.
Elsewhere, PepsiCo advanced 0.84% after posting higher-than-expected earnings, although revenue fell slightly short due to the stronger U.S. dollar.
Other stocks in focus included American Express and Ebay, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.42%, France’s CAC 40 added 0.19%, Germany's DAX edged up 0.10%, while Britain's FTSE 100 rose 0.50%.
During the Asian trading session, Hong Kong's Hang Seng Index jumped 0.99%, while Japan’s Nikkei 225 Index surged 1.21%.
During early U.S. trade, the Dow Jones Industrial Average fell 0.31%, the S&P 500 index inched up 0.04%, while the Nasdaq Composite index dropped 0.32%.
Official data showed that the number of housing starts in the U.S. rose to the highest level in four years in September, while building permits issued surged to the highest level since July 2008.
The U.S. Census Bureau said that housing starts rose by 15% in September to a seasonally adjusted 0.872 million, blowing past expectations for a 2.7% increase to 0.770 million.
The report also showed that the number of building permits issued in September rose 11.6% to a seasonally adjusted 0.894 million, compared to expectations for a 1.1% gain to 0.810 million.
Sentiment was boosted earlier, after Moody’s confirmed Spain’s credit rating at Baaa3 with a negative outlook, just one notch above junk status and expressed confidence that reforms enacted by the Spanish government and support from the euro zone would ensure that Madrid had continued access to the credit market.
In the tech sector, Intel saw shares plummet 3.33% and IBM dove 4.58% on signs the global economic slowdown is prompting companies to curtail technology spending and pushing consumers to favor mobile devices like Apple's iPhone over personal computers.
On Tuesday, Intel forecast fourth-quarter gross margins that missed analysts' estimates, while IBM reported third-quarter revenue that fell short of projections.
On the upside, financial stocks were mostly higher, as shares in JP Morgan added 0.33% and Goldman Sachs climbed 0.66%, while Citigroup jumped 1.40%.
Bank of America underperformed on the other hand, sliding 0.63% after the U.S. lender reported a breakeven quarter, exceeding expectations for a loss, while revenue was lighter than expected.
Elsewhere, PepsiCo advanced 0.84% after posting higher-than-expected earnings, although revenue fell slightly short due to the stronger U.S. dollar.
Other stocks in focus included American Express and Ebay, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.42%, France’s CAC 40 added 0.19%, Germany's DAX edged up 0.10%, while Britain's FTSE 100 rose 0.50%.
During the Asian trading session, Hong Kong's Hang Seng Index jumped 0.99%, while Japan’s Nikkei 225 Index surged 1.21%.