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U.S. stocks open lower amid downbeat earning reports

Xinhua, January 31, 2017 Adjust font size:

U.S. stocks opened lower Tuesday as investors digested a batch of negative quarterly results from notable companies.

Shares of Under Armour Inc. sank over 25 percent in the early trading Tuesday after the sportswear company posted disappointing quarterly results and said its chief finance officer is leaving the company.

Shares of Pfizer Inc. fell about 1 percent in the early trading Tuesday after the drug giant delivered fourth-quarter earnings below market consensus and revenues in line with forecasts.

Shares of United Parcel Service (UPS) plunged nearly 6 percent after the package delivery company reported lackluster quarterly earnings and gave weak full-year guidance.

The Federal Reserve was also in the spotlight, which kicks off its two-day policy meeting Tuesday. Analysts widely hold that the Fed won' t hike rates at this meeting, but it will still be watched closely for more clues on the timing a next rate increase.

At its December meeting, the U.S. central bank raised the benchmark interest rate by 25 basis points, the first and only time in 2016, and indicated a faster rate hike pace next year.

Shortly after the opening bell, the Dow Jones Industrial Average fell 72.58 points, or 0.36 percent, to 19,898.55. The S&P 500 lost 6.79 points, or 0.30 percent, to 2,274.11. The Nasdaq Composite Index was down 21.29 points, or 0.38 percent, to 5,592.42. Endi