U.S. stocks retreat amid Yellen testimony

U.S. stocks reversed early gains to trade lower around midday Wednesday as Wall Street assessed comments from U.S. Federal Reserve Chair Janet Yellen.

At noon, the Dow Jones Industrial Average inched down 14.17 points, or 0.08 percent, to 18,214.13. The S&P 500 dipped 4.10 points, or 0.19 percent, to 2,155.83. The Nasdaq Composite Index decreased 11.22 points, or 0.21 percent, to 5,294.49.

Yellen said Wednesday in a prepared testimony to the House Financial Services Committee that U.S. banks are well capitalized, but remain challenged by weak interest income, according to media reports. She later said the central bank does not have a "fixed timetable" for raising rates.

On the economic front, U.S. new orders for manufactured durable goods in August decreased 0.1 billion U.S. dollars and was virtually unchanged at 226.9 billion dollars, the Commerce Department said. Analysts had expected a 1.9 percent decline.

This decrease in new orders, which is down three of the last four months, followed a 3.6 percent July increase.

Oil prices were also in focus, which traded mildly higher around midday Wednesday following the previous day's sharp decline, as traders digested a surprise drawdown in U.S. crude stockpiles.

On Tuesday, U.S. stocks posted sizable gains following the first presidential debate between Hillary Clinton and Donald Trump. Endit