The markets opened lower on worries of weak post-holiday retail sales. Meanwhile, U.S. home sales fell for the 10th consecutive month. The Dow lost 46 points to 13,503 while Nasdaq dropped 11 points to 2701.
On the upside
Optimism about plans for a new site off the coast of Brazil boosted shares of Hess Corp (NYSE: HES) which produces oil and gas. An analyst raised his opinion of the stock.
Ultralife Batteries (Nasdaq: ULBI) received a $40 million order from an unspecificed defense contractor.
Shares of Orion Energy Systems (Nasdaq: OESX) extended gains after a successful IPO on Tuesday.
On the downside
Target (NYSE: TGT) warned that it may post a decline in December sales versus year-ago levels.
Shares of Costco Wholesale (Nasdaq: COST) was weighed down along with the rest of the retail sector despite positive comments by its CFO about its holiday sales results and inventory situation.
Shares of Netsuite (NYSE: N) closed on an overallotment of stock at $26 a share giving up some gains after a successful IPO last week.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 790.