The major U.S. stock indices opened Wednesday’s session basically flat, taking a bit of a breather following their record-setting run.
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The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite have pushed higher in recent weeks, following a consistent stream of overall positive earnings. The Dow, which set another record on Tuesday, was uninspired by the release of positive quarterly earnings reports from components Boeing (BA), Coca-Cola (KO), and Visa (V). Of note, Dow component General Electric (GE) was lower again on Wednesday, with investors still selling shares following last week’s big earnings miss.
Before the market open, Boeing reported better earnings and hiked its forecast, Coca-Cola beat and maintained guidance and Visa beat and called for net revenue growth in 2018 to be in the “high-single digits.”
The S&P 500 was also lower, with Chipotle (CMG) taking a big hit, down over 10% following its earnings release on Tuesday. Chipmaker Advanced Micro Devices (AMD) was also lower despite topping third-quarter earnings expectations, as it lowered its fourth-quarter guidance.
Elsewhere in the markets, oil futures were lower ahead of the U.S. Energy Information Administration’s weekly oil inventory update. The EIA will release this data at 10:30 a.m. ET.