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U.S. stocks open lower amid mixed earnings, falling oil

Xinhua, February 2, 2016 Adjust font size:

U.S. stocks opened lower Monday as oil prices extended losses amid mixed earnings reports.

Oil prices continued to plunge in the early trading on Tuesday, with both the U.S. oil and Brent crude diving over 4 percent, as hopes for a deal between OPEC and Russia on output cuts faded.

Quarterly earnings results from big companies came out mixed. Alphabet (Class A), Google's parent company, jumped more than 3 percent in early trading Tuesday, after the company delivered quarterly results above market estimates.

After Monday's closing bell, the tech giant announced its adjusted earnings were 8.67 U.S. dollars per share for the fourth quarter of 2015, on revenues of 21.3 billion dollars.

Shares of Exxon Mobil Corp decreased over 2 percent in early trading Tuesday after the U.S. energy company reported a 58-percent drop in quarterly earnings.

Pfizer Inc. fell about 1 percent in early trading after the drug maker posted quarterly results slightly above expectations but guidance for 2016 shy of forecast.

Shortly after the opening bell, the Dow Jones Industrial Average dipped 180.66 points, or 1.10 percent, to 16,268.52. The S&P 500 lost 18.62 points, or 0.96 percent, to 1,920.76. The Nasdaq Composite Index decreased 32.57 points, or 0.70 percent, to 4,587.80.

On Monday, U.S. stocks pared early losses to end mixed as investors assessed a batch of generally negative economic reports. Endi