Stocks Slightly Lower, Deere Rallies On Profit Jump

U.S. stocks opened slightly lower on Wednesday as investors found few reasons to make bets with equities near all-time highs and little clarity over Federal Reserve policy. The Dow Jones industrial average lately fell 54.79 points, or 0.35 percent, to 15,396.22, the S&P 500 was off 2.41 points or 0.14 percent, to 1,691.75 and the Nasdaq Composite lost 3.62 points, or 0.10
percent, to 3,680.82.

Deere & Co. (NYSE:DE) reported its third-quarter profit rose to $997 million, or $2.56 a share, from $788 million, or $1.98 a share, a year earlier. Revenue rose to $10.0 billion, from $9.6 billion a year earlier, the farming-equipment manufacturer said Wednesday.

Falling energy prices kept a lid on U.S. wholesale inflation in July after a jump in gasoline boosted prices in June.The Labor Department reported Wednesday that wholesale prices showed no change last month compared with June, when they rose 0.8 percent. That was the most in nine months.

Macy’s Inc. (M)is reporting a lower-than-expected profit for its second quarter. The company also cut its full-year earnings outlook. It earned $281 million, or 72 cents per share, for the quarter. Revenue slipped to $6.07 billion, also short of the $6.26 billion analysts expected.