U.S. stocks open lower as investors digest earnings, economic reports

U.S. stocks open lower as investors digest earnings, economic reports

20 October 2015, 15:39

U.S. stocks opened slightly lower on Tuesday as investors digested a slew of earnings reports and better-than-expected housing data. 

The S&P 500 opened 3 points, or 0.1%, lower at 2,030. The Dow Jones Industrial Average fell 40 points, or 0.2%, to 17,190. The Nasdaq Composite began the day down 6 points, or 0.1%, at 4,898.

U.S. housing starts jumped to a nearly an eight-year high in September as builders ramped up construction of apartments.

The Commerce Department reported that housing starts rose 6.5% to 1.206 million units last month from August’s total of 1.132 million units, while analysts had expected 1.140 million.

The number of building permits released dropped by 5.0% to 1.103 million units from August’s total of 1.170 million. Economists expected building permits to fall by 0.9% to 1.164 million units in July.

The third-quarter earnings season was set to enter its peak on Tuesday, with 20 companies slated to report, says S&P Capital IQ.

For the third-quarter reporting season so far, aggregate earnings for the S&P 500 stand at $28.62 per share, down 4.77% from a year earlier, according to data from S&P Capital IQ. That’s 64 basis points better since last Monday, when the first full week of earnings season began.

More than 110 companies are expected to release earnings this week.

Share it with friends: