NEW YORK — U.S. stocks were mostly lower in early trading Wednesday following two days of losses. Worries over the timing of a U.S. rate increase, economic weakness in China and an impending referendum on Scottish independence kept trading subdued.
KEEPING SCORE: The Dow Jones industrial average slipped 11 points, or 0.1 percent, to 17,002 as of 11:14 a.m. Eastern time. The Standard & Poor's 500 index lost a point to 1,987. The Nasdaq composite rose six points, or 0.1 percent, to 4,558.
DOUGHNUT DOLDRUMS: Krispy Kreme Doughnuts fell 81 cents, or 4.6 percent, to $16.80 after reporting earnings that fell short of analysts' forecasts.
EBAY FALLS AGAIN: EBay fell sharply for a second day following Apple's announcement on Tuesday that it is introducing a new mobile-pay system for shoppers. The stock fell $1.65, or 3 percent, to $51.08. Investors see Apple's payment system as a direct competitor to eBay's PayPal division.
GARMIN REBOUNDS: GPS device maker Garmin rose $1.27 to $52.98, a gain of 2.5 percent. That was the biggest increase in the S&P 500 index. The stock fell 3.5 percent on Tuesday after Apple also announced it would begin selling a smartwatch next year. Garmin has heavily invested in watches used by athletes to track their performance.
SECURITY STOCK SURGE: Palo Alto Networks rose $7.09, or 8 percent, to $96.37. The security software maker said it expects revenue to climb to as much as $182 million in its fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $173.2 million.
THE FED: Investors are questioning whether the U.S. Federal Reserve might raise its benchmark interest rate sooner than previously expected. In a paper this week, two San Francisco Fed economists said the public appears to expect a "more accommodative policy" than Fed board members do. The Fed meets next week to discuss possible changes in its monetary policy.
THE QUOTE: "The unwelcome specter of interest rate rises hangs over markets," said Chris Beauchamp, market analyst at IG.
EUROPEAN STOCKS FLAT: France's CAC-40 and Britain's FTSE 100 slipped 0.1 percent each. Germany's DAX fell 0.3 percent.
CHINA'S STRUGGLE: Investors are keeping an eye on China amid signs of slumping economic growth. Manufacturing growth slowed in August and imports unexpectedly shrank by 2.4 percent.
ENERGY AND BONDS: Benchmark U.S. crude oil fell $1.26, or 1.4 percent, to $91.49 a barrel on the New York Mercantile Exchange. Traders are expecting ample supplies and weak demand for oil. Bond prices fell. The yield on the 10-year Treasury note rose to 2.52 percent from 2.50 percent on Tuesday.
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