US open: Stocks flat as Trump casts doubt on Xi meeting

(Sharecast News) - Wall Street trading got off to a somewhat muted start start on Wednesday following the Dow's record close.

As of 1500 BST, the Dow Jones Industrial Average was down 0.15% at 46,854.57, while the S&P 500 was flat at 6,735.09 and the Nasdaq Composite came out of the gate 0.06% softer at 22,939.36.

The Dow opened 70.17 points lower on Wednesday, taking a bite out of gains recorded in the previous session as the blue-chip hit a new record high in what was a mixed session for major indices.

Trade relations between the US and China remained in focus early on Wednesday after Donald Trump commented on his expected meeting with Chinese President Xi Jinping, noting that "maybe it won't happen", creating even greater uncertainty regarding tensions between Washington and Beijing that could potentially lead to higher tariff rates and semiconductor industry headwinds.

In the corporate space, Mattel reported weaker-than-expected Q3 results overnight after the close, driven by lower sales in its North American unit, while Netflix's quarterly earnings missed Wall Street estimates due to an ongoing dispute with Brazilian tax authorities.

As far as Wednesday morning's earnings updates were, AT&T said Q3 revenues had grown 1.6% to $30.7bn, driven by its wireless and fiber offerings, while Hilton Worldwide slashed its forecast for 2025 room revenue as a result of weak travel demand, even as total Q3 group revenues and adjusted profits came in ahead of Wall Street expectations, and Boston Scientific reported Q3 results that exceeded analyst expectations, driven by a strong performance across its business segments.

Still to come, Tesla and IBM will issue their latest quarterly earnings figures after the close.

On the macro front, US mortgage applications inched lower in the week ended 17 October, according to the Mortgage Bankers Association, marking the fourth consecutive weekly decline. The MBA's overall market index fell by 0.3% last week, following a 1.8% drop the week before and a 4.7% decline previously. Applications to refinance a mortgage, which are more sensitive to short-term interest rate changes, increased by 4% over the week, while applications to purchase a home fell by 5% week-on-week.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Microsoft Corp. (MSFT) $517.66 0.00%

Nike Inc. (NKE) $68.30 0.00%

Dow Jones - Fallers

Intel Corp. (INTC) $37.74 -1.00%

Apple Inc. (AAPL) $260.46 -0.88%

S&P 500 - Risers

Western Digital Corp. (WDC) $124.95 2.92%

Seagate Technology Plc (STX) $218.96 2.05%

Alphabet Inc. Class C (GOOG) $256.20 1.93%

Alphabet Inc. Class A (GOOGL) $255.28 1.92%

Diamondback Energy Inc. (FANG) $143.54 1.42%

Micron Technology Inc. (MU) $204.80 1.24%

Synopsys Inc. (SNPS) $464.02 1.08%

Align Technology Inc. (ALGN) $137.53 0.96%

Monster Beverage Corp (MNST) $69.49 0.85%

Meta Platforms Inc. (META) $738.74 0.75%

S&P 500 - Fallers

Texas Instruments Inc (TXN) $169.33 -6.36%

Mattel Inc. (MAT) $18.10 -3.83%

Analog Devices Inc. (ADI) $238.73 -3.10%

Charter Communications Inc. (CHTR) $245.94 -2.61%

Illumina Inc. (ILMN) $97.10 -1.88%

Amazon.Com Inc. (AMZN) $218.84 -1.44%

Comcast Corp. (CMCSA) $29.55 -1.40%

Copart Inc. (CPRT) $45.13 -1.37%

Nasdaq Inc (NDAQ) $89.16 -1.30%

Brighthouse Financial, Inc. (BHF) $46.53 -1.22%

Nasdaq 100 - Risers

Western Digital Corp. (WDC) $124.95 2.92%

Seagate Technology Plc (STX) $218.96 2.05%

Alphabet Inc. Class C (GOOG) $256.20 1.93%

Alphabet Inc. Class A (GOOGL) $255.28 1.92%

Micron Technology Inc. (MU) $204.80 1.24%

Synopsys Inc. (SNPS) $464.02 1.08%

Vodafone Group Plc ADS (VOD) $11.63 1.04%

Align Technology Inc. (ALGN) $137.53 0.96%

Monster Beverage Corp (MNST) $69.49 0.85%

Asml Holdings N.V. (ASML) $1,033.00 0.78%

Nasdaq 100 - Fallers

Texas Instruments Inc (TXN) $169.33 -6.36%

NetEase Inc. Ads (NTES) $146.78 -3.35%

Analog Devices Inc. (ADI) $238.73 -3.10%

Charter Communications Inc. (CHTR) $245.94 -2.61%

Illumina Inc. (ILMN) $97.10 -1.88%

Amazon.Com Inc. (AMZN) $218.84 -1.44%

Comcast Corp. (CMCSA) $29.55 -1.40%

Adobe Systems Inc. (ADBE) $353.42 -1.16%

Cintas Corp. (CTAS) $194.28 -1.12%

Mercadolibre Inc. (MELI) $2,119.00 -1.08%