US open: Stocks sharply lower as earnings continue to stream in
Wall Street stocks opened sharply lower on Wednesday as market participants awaited a rate decision from the Federal Reserve and updates from Apple, Facebook and Tesla later in the day.
As of 1525 GMT, the Dow Jones Industrial Average was down 1.20% at 30,564.93, while the S&P 500 was 1.18% softer at 3,804.01 and the Nasdaq Composite came out the gate 0.86% weaker at 13,508.72.
While quarterly numbers from Apple, Facebook and Tesla were all undoubtedly on the main ticket on Wednesday, they were far from the only figures on the corporate card for the day.
Results from AT&T revealed solid wireless, fibre and HBO Max subscriber gains, while Boeing reported weak earnings and AMD shares were in the red despite the chipmaker posting revenue and earnings that beat Wall Street expectations.
Whirlpool was also expected to post quarterly earnings and Levi Strauss will report after the close.
Investors will also be keeping a keen eye on Federal Reserve Chairman Jerome Powell, who was scheduled to hold a press conference where he will likely outline how the central bank sees the US' economic outlook.
On the macro front, mortgage application numbers decreased 4.1% on a seasonally adjusted basis in the week ended 22 January, according to the Mortgage Bankers Association.
Elsewhere, the Commerce Department said new orders for US manufactured durable goods rose much less than anticipated in December, edging up just 0.2% last month after surging by an upwardly revised 1.2% in November. Economists had pencilled an increase of 0.9%.
Still to come, the Federal Reserve's interest rate decision will be revealed at 1900 GMT.