U.S. stocks are mixed Wednesday morning on economic data and earnings.
The S&P 500 Index fell 0.65 points, or 0.05 percent, to trade at 1,224.73 at 10:12 a.m. ET. The Dow Jones Industrial Average is up 8.63 points, or 0.07 percent, to trade at 11,585.68. The Nasdaq Composite declined 0.71 percent.
September housing starts handily beat expectations complied by Bloomberg; however, much of the increase came from multi-family units, which can be volatile from month to month.
September core inflation fell to the slowest pace since March and was below estimates compiled by Bloomberg. While the subdued reading indicates the Federal Reserve may have more room for monetary stimulus, it also reflects the weakness of the general economy.
Corporate earnings were also mixed.
While financials continued to beat the pessimistic earnings expectations of the market - Morgan Stanley (NYSE:MS) and Bank of New York Mellon (NYSE:BK) are trading up 3.49 percent and 2.18 percent, respectively, on their earnings results - technology companies continued to disappoint.
Late Tuesday, tech giant Apple (NASDAQ:AAPL) missed both analysts' and the market's expectations. On Wednesday's morning session, Apple shares are down 5.18 percent.
Late Monday, IBM (NYSE:IBM) similarly reported results that disappointed the market..
Even hopes of a giant Eurozone bailout are clouded.
After the Guardian initially reported on Tuesday that France and Germany are backing a 2 trillion euro EFSF expansion, Dow Jones reported that the 2 trillion euro figure is totally wrong, citing an official.