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U.S. stocks open mixed on earnings, Fed speeches

Xinhua, May 10, 2017 Adjust font size:

U.S. stocks opened mixed Wednesday as investors digested a batch of first-quarter earnings reports and awaited key speeches from Federal Reserve officials.

In corporate news, shares of Disney lost more than 3 percent at 108.61 U.S. dollars after the company reported earnings following Tuesday's closing bell that missed analysts' estimates.

Its first-quarter diluted earnings per share increased to 1.50 dollars from 1.30 dollars year on year.

News Corp reported its first-quarter revenues to be 1.98 billion dollars, a 5 percent increase compared to 1.89 billion dollars in the prior year. The company registered adjusted earnings per share of 0.07 dollar, compared to 0.04 dollar in the prior year.

On the economic front, Boston Federal Reserve Bank President Eric Rosengren and Minneapolis Federal Reserve Bank President Neel Kashkari will deliver speeches later Wednesday.

Investors have been closely watching speeches of Fed speakers for hints about the upcoming policy decision.

The Federal Reserve left its benchmark interest rates unchanged last week as it waited for more data to assess the U.S. economic outlook. But Fed policymakers hinted at a possible rate hike in June.

Market expectations for a June rate hike were 87.7 percent, according to the CME Group's FedWatch tool Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average lost 60.25 points, or 0.29 percent, to 20,915.53. The S&P 500 erased 1.55 points, or 0.06 percent, to 2,395.37. The Nasdaq Composite Index increased 1.10 points, or 0.02 percent, to 6,121.69. Endi