Wall Street slips as energy shares weigh

NEW YORK (Reuters) - Stocks were little changed on Wednesday as energy shares were hit by lower oil prices, while tepid corporate earnings failed to inspire investors.

Among retailers reporting results, Target reported weak same-store sales but its shares rebounded from earlier losses after the company said it would open 20 or more new stores next year and more than 30 in 2012.

Meanwhile, warehouse club operator BJ's Wholesale Club Inc missed profit expectations, sending its shares down 4.2 percent at $41.50. Target gained 1.8 percent to $51.59 after earlier losing about 3 percent. The rebound lifted the consumer discretionary sector and helped indexes come off their lows.

"You're hearing more of the same from the retailers that the second half appears it might not be the easiest. While consumers may be coming to the stores just as often, it doesn't seem to be they're spending any more," said Kurt Brunner, portfolio manager at Swarthmore Group in Philadelphia, Pennsylvania.

The Dow Jones industrial average <.DJI> fell 31.63 points, or 0.30 percent, to 10,374.22. The Standard & Poor's 500 Index <.SPX> eased 2.23 points, or 0.20 percent, to 1,090.31. The Nasdaq Composite Index <.IXIC> edged up 0.02 point at 2,209.46.

Also on the earnings front, Deere & Co beat estimates but said sales were "far below normal levels" and pointed to deteriorating conditions in Europe. Deere lost 1.4 percent to $66.26.

Energy shares led the way down as crude oil futures dropped more than 2 percent. Chevron Corp dropped 1.4 percent to $76.65 and Exxon Mobil Corp was off 1.8 percent to $59.75 and were the biggest drags on the Dow industrials.

The S&P 500 index was also trading around its 50-day moving average, struggling to break it decisively. The 50-day average is currently around 1,088.

The inability to push through that level with conviction is illustrative of an unenthusiastic market as investors reassess their outlook on the economy, said Brunner.

"You don't have the energy to push it through and that might take a little while," Brunner said.

Gains in technology stocks tempered declines as an 1.4 percent gain in Cisco Systems helped the Nasdaq fare better than the other indexes.

Analog Devices Inc rose 2.7 percent to $29.60 a day after the microchip maker posted a quarterly profit that topped estimates and issued a better-than-expected fourth-quarter outlook.

(Editing by Kenneth Barry)

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