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Stocks slipped Wednesday after Chinese stocks tumbled 5 percent, sending another ripple around the world.
The Dow dropped sharply at the opening bell but by mid-morning, it was down just 20 points.
"They seem to have peaked out before we did," Art Cashin told CNBC about the Chinese market. "They're a bit of a leading indicator."
This came after stocks rallied Tuesday, snapping a two-day losing streak that many market pros said might be the start of a correction.
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Oil stocks jumped and crude prices climbed back above $70 a barrel after a surprise drop in crude suplies.
And mortgage applications rose last week amid an increased demand for refinancing as mortgage rates slid to a five-week low.
As earnings season winds down, the market received a positive surprise from Deere [DE
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], which easily beat Wall Street estimates on quarterly profit of 99 cents per share.
The numbers, though, were like many other companies this quarter with a beat in bottom-line profit but weak top-line revenue numbers. Traders soured on the stock after boosting it earlier.
Pharmaceuticals were among the bright spots, with Merck [MRK
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] up 2 percent after a court upheld the patent on the firm's allergy drug Singulair, effectively blocking a generic version from India's Teva Pharmaceuticals.
UBS shares [UBS
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] slipped after the Swiss bank agreed to hand over details of about 4,450 bank accounts to the US.
Shares of Dow component Hewlett-Packard [HPQ
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] fell about 2 percent after the company late Tuesday reported its profit dropped 19 percent, though it did make optimistic comments about consumer spending on PCs.
Analog Devices shares [ADI
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] rose after three brokerages raised their price targets on the stock, saying they expect margins to improve in coming quarters.
Elsewhere in earnings, afternoon reports include JDS Uniphase [JDSU
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] and Limited Brands [LTD
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].
Alcoa [AA
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] has been under pressure this week as aluminum prices have tumbled. The Dow component continued to slide as aluminum prices fell more than 2 percent.
Billionaire investor Warren Buffett says the U.S. economy is "out of the emergency room" and on a slow path to recovery. Buffett makes his comments in an op-ed in Wednesday's New York Times.
- Peter Schacknow contributed to this article.
This Week:
WEDNESDAY: Weekly crude inventories; Earnings from Limited after the bell
THURSDAY: Weekly jobless claims; leading indicators; Philly Fed survey; Earnings from Gamestop, Hormel, and Sears
FRIDAY: Existing-home sales; Earnings from JM Smucker
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Data is a real-time snapshot *Data is delayed at least 15 minutes