Stocks Opened Mixed amid Stimulus Deal

U.S. stocks opened mixed on Wednesday, as investors continued to assess the prospects for a stimulus package. The Dow Jones Industrial Average lately fell 16.98 points, or 0.06%, to 28,291.81. The S& 500 was up 2.26 points, or 0.07%, to 3,445.38. The Nasdaq Composite gained 32.35 points, or 0.28%, to 1,548.84.

Oil futures traded lower Wednesday, under pressure after data from an industry trade group show a rise in U.S. crude inventories. West Texas Intermediate crude for December delivery was down 69 cents, or 1.7%, at $41.01 a barrel. December Brent crude was off 68 cents, or 1.6%, at $42.48 a barrel.

Verizon Communications Inc beat estimates for third-quarter profit on Wednesday, helped by strong demand for its phone and internet services as offices and schools continued to operate virtually amid the COVID-19 pandemic. Net income fell to $4.50 billion, or $1.05 per share in the quarter, from $5.34 billion, or $1.25 per share a year earlier. Excluding items, Verizon earned $1.25 per share, above analysts’ average estimate of $1.22.

Netflix Inc. reported a dramatic slowdown in new subscribers Tuesday and widely missed earnings expectations. It reported net earnings of $790 million, or $1.74 a share, compared with net income of $1.47 a share in the year-ago quarter. Revenue improved to $6.44 billion from $5.25 billion a year ago.