Best Dividend Stocks For 2017: Stocks mixed in early trading

Stocks were slightly lower in early trading Wednesday as worries about a debt default persist.

The International Monetary Fund warned about the harm to the global economy if the U.S. failed to raise its borrowing limit.

Investors were generally pleased by President Obama's plan to nominate Janet Yellen to succeed Ben Bernanke to be the next chief at the Federal Reserve.

"I think it's more politics than reality, but it's slightly positive for investor sentiment, certainly," said Andrew Sullivan, director of Asian sales trading at Kim Eng Securities.

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The Dow Jones industrial average was down about 10 points, or 0.1% and the Standard & Poor's 500 index dropped 0.1%. The Nasdaq composite index took the biggest hit, falling 0.7%.

In the prior session, the Dow fell 1.1% to close at 14,776.53 while the S&P 500 dropped 1.2% to 1,655.45. The Nasdaq declined 2% to 3,694.83. The steep drops came as investors are getting nervous about an approaching Oct. 17 deadline to raise the debt ceiling.

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Markets in Asia were mixed Wednesday. Japan's Nikkei 225 index added over 1% to 14, 037.84 but Hong Kong's Hang Seng index dropped 0.6% to 23,033.97.

In Europe, the major benchmarks were also mixed. Britain's FTSE 100 index was off 0.1%.

Benchmark crude for November delivery fell$1.01 to $102.48 a barrel. The contract rose 46 cents to settle at $103.49 on Tuesday.

Janet Yellen, vice chair of the Board of Governors of the Federal Reserve System, places her name plate at her seat at the International Monetary Conference on June 3 in Shanghai. President Obama has selected Yellen to succeed Ben Bernanke as chairman of the Federal Reserve. Eugene Hoshiko, APFullscreen

Federal Reserve Board nominee Janet Yellen testifies on July 22, 1994, before the Senate Banking Committee on Capitol Hill in Washington. John Druricka, APFullscreen

Janet Yellen, chairman of the President's Council of Economic Advisers, poses for a photograph on April 14, 1997. Matt Mendelshon, USA TODAYFullscreen

Vice President Al Gore, left, trade representative Charlene Brashefsky, President Clinton and Council of Economic Advisers Chairwoman Janet Yellen conduct an April 1, 1997, news conference about the state of the economy in the Rose Garden at the White House in Washington. Ruth Fremson, APFullscreen

Janet Yellen, president and CEO of the Federal Reserve Bank of San Francisco, is photographed in her office on Jan. 21, 2005. Martin Klimek for USA TODAYFullscreen

Janet Yellen, president and CEO of the Federal Reserve Bank of San Francisco, speaks about foreclosures to the Bay Area Council Outlook Conference on April 16, 2008, in Alameda, Calif. Paul Sakuma, APFullscreen

Janet Yellen, vice chairwoman of the Federal Reserve Bank, speaks on April 11, 2011, at the Economic Club of New York. Mark Lennihan, APFullscreen

Federal Reserve Chairman Ben Bernanke makes opening remarks at a meeting of the Federal Reserve Board of Governors with Federal Reserve board member Janet Yellen at the Federal Reserve in Washington. Charles Dharapak, APFullscreen

Janet Yellen, attends a seminar during the International Monetary Fund and the World Bank annual meeting on Oct. 10, 2012, in Tokyo. Franck Robichon, epaFullscreenLike this topic? You may also like these photo galleries:Replay