New York - US stocks were mixed in early trade Wednesday, with Apple's disappointing iPhones launch dragging down the Nasdaq.
An hour into trade, the Dow Jones Industrial Average was up 31.14 points (0.20 percent) at 15,222.20.
The broad-market S&P 500 index fell 5.24 (0.31 percent) to 1,678.75, while the tech-rich Nasdaq tumbled 24.35 (0.65 percent) to 3,704.67.
Apple shares were under heavy selling pressure, down 5.6 percent at $455.85, a day after unveiling two new iPhones and dashing expectations that a media event in Beijing would reveal a deal with China Mobile, the country's biggest carrier.
“The company failed to impress the analyst community with its latest iPhone introductions and the lack of an announcement of a China Mobile deal,” said Patrick O'Hare of Briefing.com.
The market had little reaction to President Barack Obama's televised address to the nation late Tuesday, when Obama opened the door to a diplomatic solution to a military strike on Syria, O'Hare said.
“The speech wasn't surprising and the relief that a diplomatic solution looks possible has been priced in.”
The economic calendar was light. Mortgage applications fell 13.5 percent last week from the prior week, and refinancing applications dropped 20 percent to its lowest level since June 2009, according to a Mortgage Bankers Association report suggesting rising interest rates were damping demand.
Verizon Communications edged up 0.1 percent as it aims to raise $49 billion in a bond sale, a person close to the matter told AFP. That would far eclipse Apple's corporate record bond sale of $17
Verizon is issuing new debt to help fund its $130 billion buyout of Vodafone's 45 percent stake in their joint venture Verizon Wireless.
Texas Instruments was flat after lowering its earnings and profit forecast for the third quarter.
Home furnishings retailer Restoration Hardware Holdings dived 4.5 percent after reporting a swing into loss in its fiscal second quarter as sales fell 4.7 percent from a year earlier.
Bond prices rose. The yield on the 10-year Treasury fell to 2.93 percent from 2.96 percent late Tuesday, while the 30-year dropped to 3.87 percent from 3.89 percent. Prices and yields move inversely. - Sapa-AFP