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US stocks open lower amid earnings reports(
TIWN
US stocks open lower amid earnings reports(
PHOTO : TIWN

New York, July 16 (TIWN) 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 percent, to 26,014.98. The S&P 500 dropped 17.83 points, or 0.57 percent, to 3,137.39. The Nasdaq Composite Index shed 67.05 points, or 0.65 percent, to 10,329.79.

Shares of big tech names struggled, with Facebook, Amazon and Netflix down at least 0.4 percent 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 percent in morning session. Citigroup shares were under pressure after the company reported mixed results. Wells Fargo stock dipped more than 5 percent after reporting a 2.4-billion U.S. dollars loss in the second quarter.

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

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