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(Oct 21) Stocks open slightly lower, with Dow down 66 points. S&P 500 down 0.2% at 4,529.38, Nasdaq Composite off 0.2% at 15,097.18.

Among earnings, IBM is down on tech services revenue concerns, while Tesla is edging down as analysts dig in on margins.

AT&T is gaining, shrugging off a revenue miss.

So far, investors are rewarding sales beats in Q3 earnings rather than profit beats. Margin declines are being punished, but upside dividend surprises are boosting stocks, according to UBS.

On the economic front, jobless claims fell again to another post-pandemic low.

The Philly Fed manufacturing index fell more than expected, with prices remaining elevated. But firms are still optimistic about growth.

The 10-year Treasury yield is up 2 basis points to 1.66%.

"There are few dysfunctional worries in equities at the moment as even with the pandemic moving back onto investors’ radars, the resurgence in risk appetite showed no sign of diminishing yesterday," Deutsche Bank's Jim Reid writes. "It’s an impressive turnaround from where the narrative was just a few weeks ago, when the index had fallen by over -5% from its peak as concerns from Evergrande to a debt ceiling crunch set the agenda."

"But the removal of both risks from the immediate horizon along with another round of positive earnings reports have swept away those anxieties," Reid says. "And this has come even as investors have become increasingly sceptical about the transitory inflation narrative, as well as fresh signs that Covid-19 might be a serious issue once again this winter."