Strong earnings reports from media giants Disney and Time Warner aren't impressing investors in early trading, and major U.S. market indexes are opening lower.
The Dow Jones industrial average fell 60 points to 13,921 shortly after the opening bell Wednesday. It rose 99 points the day before.
The Standard & Poor's 500 fell five points to 1,506 and the Nasdaq composite fell eight points to 3,163.
With no major economic news coming out, investors were focused on the latest earnings reports from U.S. companies.
Time Warner rose after reporting a 51 percent profit jump, citing rising fees from cable and satellite companies and higher ad revenue at its TV networks. Disney rose after turning in results that were better than analysts had expected.
Aflac and Marathon Oil fell.