NEW YORK — U.S. stocks were drifting between small gains and losses on Wednesday following two days of losses. Worries over the timing of a U.S. rate increase and economic weakness in China kept trading subdued.
KEEPING SCORE: The Dow Jones industrial average edged up 15 points, or 0.1 percent, to 17,029 as of 12:21 p.m. Eastern time. The Standard & Poor's 500 index rose a point to 1,989. The Nasdaq composite was up 12 points, or 0.3 percent, to 4,564.
DOUGHNUT DOLDRUMS: Krispy Kreme Doughnuts fell 98 cents, or 5.6 percent, to $16.63 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 $1.60, or 3 percent, to $51.13. Investors see Apple's payment system as a direct competitor to eBay's PayPal division.
GARMIN REBOUNDS: GPS device maker Garmin rose $1.40 to $53.11, a gain of 2.7 percent. That was the biggest increase in the S&P 500 index. The stock fell 3.5 percent on Tuesday after Apple announced it also 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 $7.40, or 8 percent, to $96.68 after the security-software maker forecast an increase in revenue in its fiscal first quarter higher than analysts had expected.
THE FED: Investors are questioning whether the U.S. Federal Reserve might raise its benchmark interest rate earlier than many expect. 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. Steven Ricchiuto, chief economist at Mizuho Securities, says he expects many investors to change their forecasts for the first Fed increase to early next year from next summer.
The Fed meets next week to discuss possible changes to its monetary policy.
THE QUOTE: "The market is betting that the Fed won't be overly accommodative," says Ricchiuto. "The worst things for stocks would be the Fed to raise rates sooner rather than later."
EUROPEAN STOCKS FLAT: Germany's DAX fell 0.1 percent. France's CAC-40 and Britain's FTSE 100 were flat.
CHINA'S STRUGGLE: Investors are keeping an eye on China amid signs of slumping economic growth there. Manufacturing growth slowed in August and imports unexpectedly shrank by 2.4 percent.
ENERGY AND BONDS: Benchmark U.S. crude oil fell $1.37, or 1.5 percent, to $91.38 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 2.53 percent from 2.50 percent on Tuesday.
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