Stocks are lower as investors weigh some weaker-than-expected economic data.
Cheap gas prices continued to contain inflation on the consumer level.
The Labor Department reporting the consumer price index fell 0.7% in January, the biggest drop since December 2008. Core prices, which strip out the volatile food and energy sector rose 2%.
Meantime, demand for long last manufactured products rose for the first time in three-months in January. The Commerce Department reporting durables goods orders increased 2.8% last month following a 3.4% decline in December. That was better than economists were expecting.
The number Americans filing for jobless benefits increased more than expected last week. The Labor Department said initial jobless claims rose by 31,000 to 313,000.
Investors also getting hit with a wave of corporate results.
Sears (SHLD) posting a narrower-than-expected loss in the holiday quarter, but revenue slightly missed forecasts. Sales fell about 24% from a year earlier as its stores open at least a year continued to struggle. It was the 11th-straight quarterly loss for Sears, which has been working on forming a Real Estate Investment Trust that may raise more than $2 billion.
Elsewhere in the retail space...Kohl's (KSS) reporting earnings and revenue that topped Wall Street views because of stronger-than-expected same-store sales growth during the holiday quarter. The company also raised its quarterly dividend by 5% to $0.45 a share.
SeaWorld (SEAS) shares are sinking after the theme park operator posting a wider-than-expected loss in the fourth quarter even though revenue came is slightly ahead of estimates. Attendance at its SeaWorld parks fell from a year earlier as the company tries to put the controversy surrounding its treatment of killer whales behind it.
Salesforce.com (CRM) shares are soaring….the cloud software maker reporting a 26% jump in revenue in the fourth quarter thanks to strong growth in its subscription-based software business and sales overseas. The company's so-called deferred revenue--which measures sales of future services that are already booked —also saw an increase of 32% from a year earlier.
UIL Holdings (UIL) stock surged in early trading. The U.S based power and gas distributor is being bought by Spain's Iberdrola for $3 billion in cash. The deal will help the Spanish utility firm expand its footprint in the U.S. as it looks for ways to combat weak profits in its home market.
Google (GOOGL) is reportedly making plans to propose new headquarters in Mountain View California, just ten miles away from Apple's (AAPL) space ship headquarters. The New York Times reports that Google has hired a high-end London design firm to craft the building.
Related: Taco Bell's new moves in Japan
Meantime, Taco Bell (YUM) is venturing into the land of the rising sun. The fast food chain plans to open up restaurants Japan, which would compete with other foreign chains such as McDonald’s (MCD) and Subway.
And an historic vote in Washington today that could dramatically change the way you get to use the internet.
The FCC decides whether or not the internet should be regulated as a public utility. The current proposal allows the FCC to regulate broadband providers and prevent them from creating "fast lanes" for certain websites.