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U.S. stocks open lower amid downbeat earnings

Xinhua, October 26, 2016 Adjust font size:

U.S. stocks opened lower Wednesday as investors pondered over a batch of generally negative earnings reports.

After Tuesday's closing bell, Apple Inc. reported that its sales of smartphones, tablet computers and personal computers were down in the fourth quarter of the fiscal year 2016 compared with the same period a year ago.

The tech giant announced a quarterly revenue of 46.9 billion U.S. dollars and quarterly net income of 9 billion dollars, down from 51.5 billion dollars and 11.1 billion dollars respectively from the same quarter last year.

Its shares slumped nearly 4 percent in early trading Wednesday after the release.

Shares of Coca-Cola Co. traded mildly higher in early trading Wednesday after the soft drink giant reported third-quarter revenue slightly better than expected.

On the economic front, the U.S. international trade deficit was 56.1 billion dollars in September, down 3.1 billion dollars from the August reading, the Commerce Department said Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average dipped 85.50 points, or 0.47 percent, to 18,083.77. The S&P 500 lost 8.95 points, or 0.42 percent, to 2,134.21. The Nasdaq Composite Index was down 29.13 points, or 0.55 percent, to 5,254.26.

On Tuesday, U.S. stocks ticked down as Wall Street digested a slew of mixed earnings reports from notable companies. Endi