Wall St. opens little changed; Intel weighs

Wall St. opens little changed; Intel weighs

REUTERS: Wall Street was little changed on Wednesday as gains in energy and financial stocks were offset by a drop in technology shares, led by Intel.Intel fell 4.7 percent, the biggest drag on all three indexes, after the chipmaker’s disappointing current-quarter revenue forecast. The news pulled the Philadelphia SE Semiconductor index 1.1 percent lower.Oil prices rose 1.3 percent as the dollar eased and data showed Chinese output dropped while U.S. inventories shrunk.The energy sector’s 1.01 percent rise was the most among the 11 major S P 500 indexes, also boosted by Halliburton’s 3 percent jump following its surprise quarterly profit.Morgan Stanley rose 1.7 percent after its quarterly profit and revenue beat consensus estimates, rounding off a strong quarter for big U.S. banks. Fellow investment bank Goldman Sachs was up 1.3 percent.At 9:43 a.m. ET , the Dow Jones Industrial Average was up 27.46 points, or 0.15 percent, at 18,189.4. The S P 500 was up 0.22 points, or 0.01 percent, at 2,139.82 and the Nasdaq Composite was down 7.73 points, or 0.15 percent, at 5,236.10.Five of the 11 major S P sectors were lower. Consumer staples fell the most, by 0.77 percent. The sector was dragged down by tobacco company Reynolds American , which fell 4 percent as its results missed estimates.Through Tuesday, earnings from S P 500 companies had largely beaten market expectations, putting them on track to post profit growth for the first time in five quarters. Analysts now estimate earnings increased 0.2 percent in the third quarter, according to Thomson Reuters I/B/E/S.While investors assess the flood of corporate earnings reports, they also await the Federal Reserve’s Beige Book at noon, which…

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