NEW YORK (MarketWatch) -- Stocks opened lower on Wednesday after its best day so far this month as exhilaration faded over record low interest rates and investors mulled disappointing results from securities firm Morgan Stanley
The Dow Jones Industrial Average fell 69.05 points to 8,855.09, with 25 of its 30 components sinking in early trade.
Alcoa Inc. was among the blue-chip index's gainers, its shares up 0.8%.
After hitting a five-week high Tuesday, the S&P 500 Index fell 9.53 points to 903.65, with financial stocks fronting the declines.
The Nasdaq Composite shed 17.38 points to 1,572.51, with Apple Inc. among those weighing on the tech-laden index.
Apple shares were lately off 6.3% after its downgrade by Oppenheimer to market perform following word that Apple CEO Steve Jobs would not make his traditional keynote at Macworld next month. Read detailed report.
Crude-oil futures declined in early action on the New York Mercantile Exchange, with the contract for January delivery off 34 cents at $43.26 a barrel ahead of an official announcement on a production cut from the Organization of Petroleum Exporting Countries. Read Futures Movers.
Early volume on the New York Stock Exchange topped 109 million, and declining stocks passed those advancing roughly 4 to 3. On the Nasdaq, nearly 73 million shares exchanged hands, and advancers beat decliners almost 6 to 5.
Shares of Morgan Stanley fell 4.5% after the former investment bank reported a wider-than-expected fourth-quarter loss.
ConAgra Inc. climbed 6.1% after it said profits in the second quarter fell 31%, but the food producer's earnings proved nearly in line with forecasts.
General Mills Inc. shares dropped 0.8% after the cereal maker reported a decline in second-quarter profits.
Newell Rubbermaid Inc. fell 6.7% after it cut its fourth-quarter forecast, citing ongoing economic weakness and reduced consumer spending.
Stocks rallied Tuesday after the Federal Reserve slashed its target rate for overnight loans between banks to between zero and 0.25%, and said it would buy more debt and mortgage-backed securities. Read The Fed.
