Off the wire
• 7 int'l companies bid for mega power project in Jordan  • Switzerland eyes at least 5 medals with 109 athletes to Rio Olympics  • 2nd LD Writethru: IMF cuts 2016 global growth forecast to 3.1 pct amid Brexit uncertainty  • 6th LD-Writethru: China Focus: 24 mainland tourists killed in Taiwan coach fire  • Xinhua world news summary at 1530 GMT, July 19  • Roundup: Malaysia, Singapore ink MoU on iconic high speed rail  • Armed man hiding in southern France hotel, motives unknown: report  • U.S. stresses continued support for Lebanon  • 1st LD: IMF cuts 2016 global growth forecast to 3.1 pct amid Brexit uncertainty  • Bulgaria seizes over 33 kg of heroin at border with Turkey  
You are here: 　 Home

U.S. stocks retreat amid earnings

Xinhua, July 20, 2016 Adjust font size:

U.S. stocks fell in the morning session on Tuesday, as investors digested corporate earnings for the second quarter of 2016.

By noon, the Dow Jones Industrial Average ticked down 10.29 points, or 0.06 percent, to 18,522.76. The S&P 500 lost 5.43 points, or 0.25 percent, to 2,161.46. The Nasdaq Composite Index shed 13.85 points, or 0.27 percent, to 5,041.93.

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 14 percent around midday Tuesday after the company posted lower-than-expected subscriber numbers.

Shares of Yahoo edged up 0.74 percent on Tuesday despite the tech giant reported second quarter earnings slightly missing 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 starts 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.

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. Enditem