Technology stocks sink in early trading after weak showings from Apple, Microsoft and others

Energy Associated Press

Poor showings from several big technology companies including Apple and Microsoft weighed on the stock market in early trading Wednesday. The slide comes as investors are focusing on corporate earnings in a light week for major economic data.

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KEEPING SCORE: The Dow Jones industrial average fell 17 points, or 0.1 percent, to 17,902 as of 10:09 a.m. Eastern Time. The Standard & Poor's 500 index slipped three points, or 0.1 percent, to 2,116. The Nasdaq composite lost 32 points, or 0.6 percent, to 5,175.

APPLE WORRIES: Apple sank 4.7 percent a day after the company gave a cautious outlook for the current quarter and didn't provide much detail on how its new smartwatch was doing. The stock $6.14 to 124.64.

BAD CALL: Microsoft reported a hefty quarterly loss late Tuesday reflecting an expense of $8.4 billion related to its purchase of the Nokia phone business over a year ago. The stock was down 36 cents, or 0.8 percent, to $46.92.

MONSTER QUARTER: Coca-Cola shares rose in early trading after the beverage maker reported a higher profit in the second quarter as it raised prices, cut costs and benefited from a gain related to its purchase of a stake in energy drink maker Monster Beverage. Coca-Cola gained 31 cents, or 0.8 percent, to $41.50.

EXCEEDING EXPECTATIONS: Whirlpool jumped 6 percent on news that the appliance maker's second-quarter earnings beat Wall Street's expectations. The stock rose $10.88 to $177.09.

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OVERSEAS MARKETS: In Europe, Germany's DAX was down 0.5 percent, while the CAC-40 in France fell 0.3 percent. The FTSE 100 index of leading British shares was down 1.3 percent. In Asia, stocks closed mostly lower. Japan's Nikkei 225 fell 1.2 percent and South Korea's Kospi lost 0.9 percent. Hong Kong's Hang Seng slipped 1 percent.

ANOTHER GREEK VOTE: Though fears of a Greek exit from the euro have faded somewhat following last week's decision by Greek Prime Minister Alexis Tsipras to back further austerity measures in return for a third bailout of the country, some hurdles remain to be cleared. On Wednesday, Greek lawmakers have to back further economic reforms demanded by international creditors in return for the new bailout.

ENERGY: Benchmark U.S. crude slipped 86 cents to $50 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 75 cents at $56.29 a barrel in London.

BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.31 percent from 2.33 percent.