The Nasdaq slumped and the Dow managed a slim gain Tuesday, as investors weighed a selloff in tech, a rally in energy and a surprise drop in consumer confidence.
A better-than-expected housing market report and a strong response to the government's latest debt auction were also in the mix.
The Dow Jones industrial average (INDU) gained 14 points, or 0.1%, according to early tallies. The S&P 500 (SPX) index rose 3 points, or 0.3%. But the Nasdaq composite (COMP) lost 26 points, or 1.2%.
Some analysts are saying "I've been surprised how well earnings have been but it just looks like a lot of this run up has run out of steam, with some selling recently even on good results. Anytime you have a 50% move in a market, you're going to get some setbacks."
Oil prices rose as investors shrugged off weaker US economic data ahead of economic growth data later in the week.
New York's main contract, light sweet crude for delivery in December, added 87 cents to $US79.55 a barrel.
The Australian sharemarket is expected to open lower as mixed economic data gave Wall Street a mixed day of trading. At 0648 AEDT on the Sydney Futures Exchange, the December share price index contract was 24 points lower at 4,740.
In economic news on Wednesday, The Australian Bureau of Statistics releases consumer price index data for the September quarter.
Reserve Bank of Australia assistant governor, financial, Malcolm Edey addresses the FINSIA Financial Services Conference.
The Federal Department of Employment and Workplace Relations releases its vacancy report.
Gold down 7.40 to US$1035.40 an ounce Silver down 55.5c to US$16.54 an ounce Copper down 1.2c at US$2.99 a pound
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