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U.S. stocks open lower amid earnings reports

Xinhua, December 21, 2016 Adjust font size:

U.S. stocks opened lower Wednesday as Wall Street meditated on a batch of earnings results.

After Tuesday's closing bell, Nike Inc. reported profits of 50 cents per share for the second quarter of its fiscal year 2017 ended November 30, on revenues of 8.2 billion U.S. dollars.

Following the release of the better-than-expected quarterly results, shares of the athletic retailer rose about one percent in early trading Wednesday.

Shares of FedEx Corp. dropped nearly 3 percent in early trading Wednesday after the U.S. shipping giant reported earnings for the second quarter of its fiscal year 2017 that missed analysts' estimates.

On the economic front, existing U.S. home sales are scheduled for release later in the morning.

Shortly after the opening bell, the Dow Jones Industrial Average fell 11.11 points, or 0.06 percent, to 19,963.51. The S&P 500 decreased 1.68 points, or 0.07 percent, to 2,269.08. The Nasdaq Composite Index was down 2.28 points, or 0.04 percent, to 5,481.66.

On Tuesday, U.S. stocks extended gains as the Bank of Japan (BOJ) kept its monetary policy unchanged after the conclusion of its two-day policy meeting. Endit