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NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all lower in early trading. But the losses were modest compared with the declines in Europe and Asia, where many indexes were down more than 1%.
Stocks have drifted lower this week, with little economic or corporate news to set the tone. In the absence of any clear catalyst, investors are taking a more cautious approach. CNNMoney's Fear & Greed index has shifted from 'Extreme Greed' to a level indicating that plain, old 'Greed' is driving the market.
Meanwhile, concerns about China's economy and a sharp drop in copper prices weighed on global markets, according to analysts at Deutsche Bank. Nearly all Asian stock markets closed in the red Wednesday. European markets were also in retreat.
China has been edging to the forefront of investors' minds since February data showed exports tumbled 18% compared to last year. That followed news that the country had experienced its first-ever corporate debt default.
In recent weeks, the Chinese central bank has also loosened its grip on its currency, allowing the yuan to fluctuate more than usual, shaking confidence in what had been seen as a safe bet.
Investors have also been keeping an eye on the crisis in Ukraine, where pro-Russian militants have been cementing control of Crimea. Ukraine's interim Prime Minister is due to meet with President Barack Obama in Washington later Wednesday, before traveling to New York Thursday to address the United Nations Security Council.
Related: CNNMoney's Tech 30
In corporate news, federal prosecutors are reportedly investigating General Motors (GM, Fortune 500) over its handling of ignition switch problems that have been linked to 13 deaths. The stock was little changed Wednesday morning after plunging 5% Tuesday.
Tesla (TSLA) shares bounced back after tumbling Tuesday on news that New Jersey will force the electric car maker to sell through franchise dealerships, rather than direct to consumers.
Plug Power (PLUG) and rival fuel cell stock Ballard Power Systems (BLDP) rebounded early Wednesday after plummeting Tuesday. FuelCell Energy (FCEL) was down dramatically again though. The companies are considered highly speculative and have enjoyed a massive run as of late.
First Published: March 12, 2014: 9:48 AM ET
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