The major U.S. stock indices opened Wednesday’s session basically flat, taking a bit of a breather following their record-setting run.
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 (NYSE:BA), Coca-Cola (NYSE:KO), and Visa (NYSE:V). Of note, Dow component General Electric (NYSE: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 (NYSE:CMG) taking a big hit, down over 10% following its earnings release on Tuesday. Chipmaker Advanced Micro Devices (NYSE: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.