US stocks open lower amid earnings reports


New York, Jul 14 (IANS): US stocks opened lower on Tuesday as investors digested a slew of newly-released earnings reports.

Shortly after the opening bell, the Dow Jones Industrial Average slipped 70.82 points, or 0.27 per cent, to 26,014.98. The S&P 500 dropped 17.83 points, or 0.57 per cent, to 3,137.39, Xinhua reported.

The Nasdaq Composite Index shed 67.05 points, or 0.65 per cent, to 10,329.79.

Shares of big tech names struggled, with Facebook, Amazon and Netflix down at least 0.4 per cent each in early trading.

Earnings season kicked off this week with bank giants among the earliest to report results.

JPMorgan Chase on Tuesday delivered earnings that beat estimates, sending the stock up more than 1 per cent in morning session.

Citigroup shares were under pressure after the company reported mixed results. Wells Fargo stock dipped more than 5 per cent after reporting a $2.4-billion loss in the second quarter.

The estimated earnings decline for the S&P 500 is 43.8 per cent for the second quarter, according to data from FactSet as of early July.

 

  

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