U.S. stocks dipped at the open on Wednesday as disappointing earnings from Disney and a drop in oil prices stalled a three-day rally.

The Dow Jones industrial average <.DJI> dropped 47.38 points, or 0.37 percent, to 12,712.98. The Standard & Poor's 500 Index <.SPX> lost 4 points, or 0.29 percent, to 1,353.16. The Nasdaq Composite Index <.IXIC> shed 5.09 points, or 0.18 percent, to 2,866.80.

(Reporting by Chuck Mikolajczak)