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The Dow Jones Industrial Average slipped 53 points, or 0.18%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite were higher by 0.11% and 0.48%, respectively, after finishing Tuesday's session in record territory.
Looking at the economy, durable goods orders jumped 11.2% month over month in July, outpacing the 4.3% increase that analysts surveyed by Refinitiv were expecting. Durable goods excluding transportation, a category where big-ticket items can skew data, rose 2.4%, also topping estimates.
In stocks, Apple Inc. shares received a $600 price target, up from $515, at Wedbush Securities, due to the upcoming supercycle that will see 350 million iPhones become eligible for an upgrade to the iPhone 12.
Bed Bath & Beyond Inc. will eliminate a total of 2,800 corporate and retail jobs as part of a restructuring plan that will generate annual pre-tax savings of $150 million.
Salesforce.com Inc. reported record sales and raised its full-year outlook as the work-from-home environment caused by COVID-19 boosted demand for cloud-computing services. The business-software provider will be a member of the blue-chip Dow beginning on Monday.
Luxury homebuilder Toll Brothers Inc. said signed contracts soared 26% to a quarterly record of 2,833 units as low interest rates and an undersupply of homes provided a boost.
Dick’s Sporting Goods Inc. posted record earnings and sales as customers splurged on home-fitness products amid the pandemic. The sporting goods retailer said digital sales were up 194% from last year.
Nordstrom Inc.'s digital sales slid 5% from a year ago as the department store pushed back its Anniversary Sale from the second to the third quarter. Both earnings and revenue fell short of expectations.
West Texas Intermediate crude oil gained 16 cents to $43.54 per barrel as Hurricane Laura strengthened ahead of its expected Thursday morning landfall on the Texas-Louisiana border, raising the risk of disruption to the country's oil supply. Gold, meanwhile, rose $18.30 to $1,941.40 an ounce.
U.S. Treasurys were under modest selling pressure, causing the yield on the 10-year note to climb by 3.4 basis points to 0.714%.
In Europe, France's CAC rose 0.31% while Germany's DAX added 0.29%; Britain's FTSE slipped 0.23%.
Asian markets finished mixed, with China’s Shanghai Composite sliding 1.3%, Japan’s Nikkei slipping 0.03% and Hong Kong’s Hang Seng edging up 0.02%.