Stocks opened mostly lower Wednesday, but the major averages quickly returned to narrowly mixed after Tuesday's sharp sell-off. The Nasdaq fell nearly 0.1%, below the 50-day line. The Dow industrials rose a fraction while the S&P 500 climbed 0.1%.
Tech stocks were battling through a tough premarket session with profit warnings from Samsung, Ericsson and Fortinet a focus in early trade. Commodities were quiet, bonds, gold and oil sagging slightly, and the dollar up ahead of the FOMC minutes due out this afternoon.
In Motion: Apple, Ericsson, Fortinet, Barracuda
Apple (AAPL) bolstered the Nasdaq 100 with a gain of less than 1%. Apple's advantage over Samsung has been bolstered by the shutdown of Samsung's Galaxy Note 7 smart phone product line due to overheating batteries. Samsung on Wednesday lowered its third-quarter earnings and revenue guidance because of the loss in Note 7 sales.
Ericsson (ERIC) crumbled 19% in early trade after the networking gear and handset maker prereleased disappointing third-quarter results.
Security software makers were under pressure before the open. Fortinet (FTNT) tumbled 13% after sharply reducing its third-quarter earnings and revenue outlook. Check Point Software (CHKP) and FireEye (FEYE) fell about 1%.
Barracuda Networks (CUDA) was a standout among security software plays, rising 11% after scoring a healthy second-quarter sales and earnings win. Barracuda ended Tuesday in a test of support at its 10-week moving average. In July, the stock cleared a double-bottom base, formed within a deep consolidation.
Newell Brands (NWL) rose more than 1%. The owner of the Rubbermaid, Sharpie and Papermate brands said it would sell its hand tools business to Stanley Black & Decker (SWK) for $2 billion. Newell has been digging deeper into a gradual consolidation since August. Stanley shares climbed nearly 2%.
Job Openings, Fed Minutes
The number of jobs available among U.S. employers fell to 5.443 million in August from a downwardly revised 5.831 million in July, the Labor Department reported.
The Federal Open Market Committee will release minutes from its Sept. 21 meeting at 2 p.m. ET.
Oil, Gold Flat; Dollar Rises; Global Markets Lower
Oil prices backed down from early gains, with West Texas Intermediate down 1% to just below $51 a barrel. Gold eased a fraction, to just above $1,255 an ounce. The dollar continued to rise against the euro and the yen. Bonds backed off, lifting the 10-year Treasury yield another 2 basis points to 1.79%.
Overseas, markets across Asia closed lower, led by the Nikkei 225 in Tokyo, which booked a 1.1% decline. Europe's markets were under mild pressure with London's FTSE 100 down 0.4% and the CAC 40 in Paris slumping 0.3% in afternoon trade.
