US stocks flat after weak housing data

NEW YORK: Wall Street stocks were little changed early Wednesday following a trove of mixed earnings reports and data showing a drop in new home construction in the United States.

Bank of America joined other large financial companies in reporting higher profits due largely to its consumer business, while United Continental lifted its profit forecast, citing strong demand for flying.

But freight railroad company CSX cut its full-year forecast, saying economic uncertainty called for a more cautious outlook.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 27,327.53, down less than 0.1 percent.

The broad-based S&P 500 fell a hair to 3,003.46, while the tech-rich Nasdaq Composite Index gained 0.1 percent to 8,228.31.

After hitting records last week, analysts have cautioned that stocks could be challenged to push higher, in part because of lackluster corporate earnings expected this quarter.

The Commerce Department reported that home construction fell 0.9 percent in June compared to May, dropping to an annual rate of 1.25 million, seasonally adjusted. That fell short of economists' expectations and was more than six percent below June of last year.

Data also showed a decline in permits for new construction projects.