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U.S. stocks open mixed amid earnings, data

Xinhua, July 21, 2016 Adjust font size:

U.S. stocks opened mixed on Thursday, as investors digested quarterly earnings and economic reports.

In corporate news, General Motors announced Thursday its second-quarter net income to common stockholders of 2.9 billion U.S. dollars, up 157 percent compared to 1.1 billion in the second quarter of 2015. Earnings per diluted share increased to 1.81 dollars, compared to 67 cents in the second quarter a year ago. General Motors' shares rose nearly four percent in early trading.

Intel reported Wednesday after the closing bell that its second-quarter revenue was 13.5 billion dollars, and its quarterly net income was 1.3 billion dollars, or 27 cents per share. Shares of the giant chipmaker dropped 4.17 percent in early Thursday trading.

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 3.8 percent year on year, while the revenues are forecast to decline 0.6 percent.

On the economic front, in the week ending July 16, the advance figure for seasonally adjusted initial claims was 253,000, a decrease of 1,000 from the previous week's unrevised level, the U.S. Labor Department announced Thursday.

Shortly after the opening bell, the Dow Jones Industrial Average shed 33.73 points, or 0.18 percent, to 18,561.30. The S&P 500 edged down 1.87 points, or 0.09 percent, to 2,171.15. The Nasdaq Composite Index ticked up 1.91 points, or 0.04 percent, to 5,091.84.

U.S. stocks rallied Wednesday with the Dow Jones Industrial Average and the S&P 500 refreshing their intraday and closing records as investors cheered over positive quarterly earnings reports. Enditem