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U.S. stocks open lower amid earnings

Xinhua, July 19, 2016 Adjust font size:

U.S. stocks opened lower on Tuesday, as investors digested corporate earnings for the second quarter of 2016.

Netflix, Yahoo and IBM announced their quarterly results on Monday after the closing bell, kicking off the earnings season for technology corporations.

Netflix's shares plunged over 12 percent in the early trading Tuesday after the company posted lower-than-expected subscriber numbers.

Shares of Yahoo fell 0.34 percent on Tuesday after the tech giant said its second quarter earnings slightly missied estimates.

Goldman Sachs reported Tuesday net revenues of 7.93 billion U.S. dollars and net earnings of 1.82 billion dollars for the second quarter of 2016, topping analysts' expectations. Its diluted earnings per common share were 3.72 dollars compared with 1.98 dollars for the second quarter of 2015.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the second quarter of 2016 are expected to decrease 4.5 percent year on year, while the revenues are forecast to decline 0.8 percent.

On the economic front, privately-owned housing, which started in June, were at a seasonally adjusted annual rate of 1.189 million units, 4.8 percent above the revised May estimate, according to the U.S. Commerce Department Tuesday.

Shortly after the opening bell, the Dow Jones Industrial Average ticked down 3.25 points, or 0.02 percent, to 18,529.80. The S&P 500 edged down 4.31 points, or 0.20 percent, to 2,162.58. The Nasdaq Composite Index shed 6.13 points, or 0.12 percent, to 5,049.65.

U.S. stocks held on to gains on Monday, with the Dow Jones Industrial Average rising for the seventh consecutive day and setting its new closing high, as investors cheered better-than-expected corporate earnings. Endi