U.S. stocks open lower amid downbeat earnings reports

Source: Xinhua| 2017-11-08 23:20:38|Editor: yan
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NEW YORK, Nov. 8 (Xinhua) -- U.S. stocks opened lower Wednesday as Wall Street digested a string of generally negative quarterly earnings results.

After Tuesday's closing bell, Snap Inc. announced financial results for the third quarter of 2017. The social media company reported third-quarter net loss of 443 million U.S. dollars, or a loss of 36 cents a share, compared with a loss of 124.2 million dollars, or 15 cents a share, in the year-ago period.

Following the release of the weak quarterly results, shares of Snap slumped over 9 percent in the early trading Wednesday.

Shares of LendingClub Corporation plummeted about 21 percent in the early trading after the peer-to-peer lending company posted worse-than-expected quarterly revenue and offered a disappointing fourth-quarter outlook.

The latest data from Thomson Reuters showed that the S&P 500 companies' earnings in the third quarter of 2017 are expected to rise 7.9 percent year on year, while the revenues are forecast to increase 5.2 percent.

There is no major economic data due out Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average fell 14.15 points, or 0.06 percent, to 23,543.08. The S&P 500 dipped 2.66 points, or 0.10 percent, to 2,587.98. The Nasdaq Composite Index edged down 0.68 point, or 0.01 percent, to 6,767.10.

U.S. stocks closed mixed on Tuesday, with the Dow eking out a new closing record, as investors pondered over a batch of earnings reports amid economic data.