NEW YORK (AP) — The latest on developments in financial markets (All times local):
9:35 a.m.
Stocks are opening slightly lower on Wall Street as the market backs away from record highs set the day before.
Drugmakers were among the biggest losers in early trading on Wednesday. Pfizer and Merck each fell 2 percent.
Other companies were lower after reporting disappointing results. Vera Bradley, which makes handbags and accessories, dropped 12 percent and liquor maker Brown-Forman fell 1 percent.
The Dow Jones industrial average fell 3 points, less than 0.1 percent, to 19,247. The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,209. The Nasdaq composite gave up 7 points, or 0.1 percent, to 5,325.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.36 percent.