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U.S. stocks struggle for gains ahead of earnings season

Xinhua, October 7, 2015 Adjust font size:

U.S. stocks traded in a narrow range in the morning session Tuesday, following sharp gains Monday, as investors shifted their attention to the third quarter earnings reporting season.

By noon, the Dow Jones Industrial Average edged down 12.36 points, or 0.07 percent, to 16,764.07. The S&P 500 lost 12.19 points, or 0.61 percent, to 1,974.86. The Nasdaq Composite Index decreased 60.39 points, or 1.26 percent, to 4,720.88.

Wall Street awaited the official beginning of the U.S. corporate earnings season. Earnings are expected to decline around 4 percent for the S&P 500, according to Thomson Reuters.

In corporate news, shares of Pepsi rose over 2 percent in the early trading Tuesday after the company reported better-than-expected quarter results.

Pepsi posted its organic revenue growth of 7.4 percent for the third quarter and core earnings per share of 1.35 U.S. dollars. The firm also raised its forecast for the year.

Shares of DuPont surged more than 10 percent in the morning session Tuesday, after the chemical giant's Chief Executive Officer Ellen Kullman announced plans to retire this month.

On the economic front, the United States' international trade deficit in goods and services increased to 48.3 billion dollars in August from revised 41.8 billion dollars in July, the Commerce Department reported Tuesday.

U.S. stocks surged for a second straight session Monday, as Wall Street believed that the possibility for the U.S. Federal Reserve to raise interest rates this year becomes lower after a poor jobs report. Endite