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U.S. stocks open lower as earnings season begins

Xinhua, October 11, 2016 Adjust font size:

U.S. stocks opened lower Tuesday as investors focused on the third quarter earnings season.

Alcoa Inc. kicked off the earnings season by missing estimates on both the top and bottom line. Its shares plunged about 7 percent in the early trading Tuesday.

Before Tuesday' s opening bell, the U.S. aluminum giant announced net income of 166 million U.S. dollars, or 0.33 dollar per share for the third quarter of 2016, on revenues of 5.21 billion U.S. dollars.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the third quarter of 2016 are expected to decline 0.7 percent year on year, while the revenues are forecast to increase 2.4 percent.

Oil prices were also in focus, which traded mildly low early Tuesday as traders became cautious after recent solid gains.

There is no major economic data due Tuesday.

Shortly after the opening bell, the Dow Jones Industrial Average fell 40.75 points, or 0.22 percent, to 18,288.29. The S&P 500 lost 4.46 points, or 0.21 percent, to 2,159.20. The Nasdaq Composite Index decreased 10.41 points, or 0.20 percent, to 5,318.26.

On Monday, U.S. stocks ended higher as Wall Street digested the latest information from Sunday's second U.S. presidential debate amid rising oil prices. Endi