The Dow was down 3 points, the S&P 500 was down 1 point, and the Nasdaq was down 4 points.
Initially, markets opened higher with the Dow gaining as much as 22 points, the S&P 500 gaining as much as up 4 points, and the Nasdaq adding as much as 8 points.
Aluminum giant Alcoa is set to report earnings after the market close on Wednesday, marking the unofficial start of third quarter earnings season.
Analysts have slashed their expectations for third quarter earnings to 4.6% from 9% at June 30, and of companies issuing guidance, 82 have reported negative guidance with 27 reporting positive guidance.
In a note to clients ahead of earnings, Morgan Stanley's Adam Parker wrote that he expects companies to clear a lowered bar, writing that, "Our confidence is bolstered that earnings season will be fine as we made it through the first six days of October without any negative pre-releases. For these companies, the market is rewarding companies that beat consensus earnings and revenue estimates and is punishing misses."
You can read our full earnings preview here.
The economic calendar is quiet on Wednesday, with the biggest news expected as the Federal Reserve releases the minutes from its most recent FOMC meeting at 2:00 pm ET.
Stocks had a rough day yesterday, with the sell off really accelerating during the afternoon, so while stocks have had a sanguine start to the session, we'll keep an eye out.