Stocks Opened Lower as Apple Weighed

U.S. stocks opened lower on Wednesday, weighed down by a drop in Apple. The Dow Jones Industrial Average lately fell 13.16 points, or 0.06%, to 22,105.70. The S&P 500 lost 2.20 points, or 0.09%, to 2,494.28. The Nasdaq Composite dropped 15.65 points, or 0.24%, to 6,438.64.

Oil prices rose for a third straight day on Wednesday after the International Energy Agency said global crude production fell for the first time in four months in August, helping to rebalance the oversupplied market. West Texas Intermediate crude for October delivery jumped 50 cents, or 1%, to $48.73 a barrel. Brent for November climbed 34 cents, or 0.6%, to $54.61 a barrel.

Rising U.S. wholesale prices in August reflect the biggest jump in energy costs since January, while underlying inflation remained contained, a Labor Department report showed Wednesday in Washington.Producer-price index rose 0.2% m/m (est. 0.3% rise) after 0.1% drop the previous month. PPI rose 2.4% y/y after 1.9% gain in prior 12-month period.