U.S. stocks suffered a lackluster start on Wednesday with investors in the mood to consolidate after a record close in the S&P 500 and blue-chips at the previous session.

Investors were also reflecting on a mixed bag of earnings news.
Less an hour after the opening bell, the S&P 500 was down 0.3 percent at 1560.20. The Dow Jones Industrial Average was 0.3 percent lower at 14120.39 and the Nasdaq Composite was flat at 2803.40.
Standard & Poors cut its 2007 earnings estimate on the stock, citing the third quarter shortfall and concerns about a weak fourth quarter.
Analysts have steadily reduced their outlook for company profits in the third quarter. Large write-downs at banks and concerns over consumer discretionary companies have pulled the forecast average growth rate of S&P 500 earnings below 1 percent for the quarter.
""The large drop in estimates for the S&P sets the index up for a nice rally if earnings can come in better than expected,"" said analysts at Bespoke Investment Group (BIG). ""Positive surprises for Consumer Discretionary and Financials will probably benefit prices more than other sectors.""
In contrast, the recent rally in tech -- with earnings expected to grow at 10 percent for the third quarter -- means ""any weakness in earnings will most likely be met with share price declines,"" said BIG.
In other earnings news, Costco, the wholesale retailer, reported a 5 percent rise in its fiscal fourth quarter profit, a result that matched estimates. Its shares climbed 7.2 percent to 67.84 dollars.
Monsanto, the biotechnology company, shed 3.5 percent to 86.36 dollars after it slipped to a 210 million dollars loss in the fiscal fourth quarter, worse than analysts had anticipated.
Bond yields remained on the defensive after the release of the Federal Reserve Open Market Committee meeting minutes for September.
The yield on the policy sensitive two-year Treasury note was up 3 basis points at 4.15 percent, as traders lowered expectations of a rate cut later this month.
Interest rate futures price in around a 30 percent chance that the FOMC will lower rates when it meets on October 30 and 31. A cut in the 4.75 percent Fed funds rate to 4.50 percent is still priced in by the end of the year.
The dollar was mixed against other major currencies. Oil prices were lower early in New York, down 47 cents at 79.79 dollars a barrel while gold prices rose.
Stocks closed higher, and the Dow surged to a new record intraday and closing high, up 0.9 percent on the day at 14164.53.
The S&P also set a new record close, 0.8 percent higher at 1565.15, while Nasdaq Composite was 0.6 percent higher at 2803.91.
(Source: Financial Times)