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U.S. stocks decline amid earnings reports

Xinhua, August 11, 2016 Adjust font size:

U.S. stocks ended lower after wavering in a tight range Wednesday, as investors digested a string of earnings reports.

The Dow Jones Industrial Average fell 37.39 points, or 0.20 percent, to 18,495.66. The S&P 500 lost 6.25 points, or 0.29 percent, to 2,175.49. The Nasdaq Composite Index was down 20.90 points, or 0.40 percent, to 5,204.58.

After Tuesday's closing bell, the Walt Disney Company reported quarterly earnings of 2.6 billion U.S. dollars for its third fiscal quarter ending July 2, 2016, an increase of 114 million dollars over the prior-year quarter. Diluted earnings per share for the quarter increased 10 percent to 1.59 dollars from 1.45 from a year ago.

The media and entertainment giant's shares rose 1.23 percent to 97.86 dollars apiece Wednesday after the release of the company's better-than-expected quarterly results.

Shares of Ralph Lauren Corp. soared 8.49 percent to 103.14 dollars apiece Wednesday after the U.S. retail brand delivered quarterly results well above market estimates.

Shares of Michael Kors tumbled 2.79 percent to 48.71 dollars apiece Wednesday on a downbeat sales outlook, even though the handbag seller posted better-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 2.5 percent year on year, while the revenues are forecast to decline 0.5 percent.

On the economic front, the number of job openings was little changed at 5.6 million on the last business day of June, the U.S. Department of Labor reported Wednesday. Enditem