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U.S. stocks open lower amid earnings

Xinhua, July 22, 2016 Adjust font size:

U.S. stocks opened lower on Friday, a day after the Dow Jones Industrial Average snapped a nine-day winning streak, as investors continued to digest quarterly corporate earnings.

General Electric Company reported Friday second-quarter continuing operations earnings per share of 36 cents, with Industrial+Verticals operating earnings per share of 51 cents. Shares of the industrial conglomerate dropped about 2 percent in early trading.

Starbucks' shares inched down 0.07 percent in early Friday after the world's famous coffee chain reported worse-than-expected quarterly results.

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.

Meanwhile, investors awaited the U.S. Federal Reserve's meeting next week. The Fed policymakers are expected to decide when they will raise interest rates next.

Shortly after the opening bell, the Dow Jones Industrial Average shed 10.41 points, or 0.06 percent, to 18,506.82. The S&P 500 edged down 1.29 points, or 0.06 percent, to 2,163.88. The Nasdaq Composite Index lost 7.54 points, or 0.15 percent, to 5,066.37. Endi