Stocks Opened Flat, Focus on Earnings

U.S. stocks opened flat on Monday, as investors were focusing on earnings reports from Bank of America, Yahoo and Netflix. The Dow Industrial Average lately shed 10.93 points, or 0.06%, to 18,505.62. The S&P 500 was off 0.60 point, or 0.03%, to 2,161.14. The Nasdaq Composite added 3.31 points, or 0.07%, to 5,032.90.

Bank of America Corp (BAC) reported a 19-percent drop in second-quarter profit on Monday as growth in businesses from lending to trading failed to offset the impact of persistently low interest rates.Net income attributable to BofA’s common shareholders fell to $3.87 billion, or 36 cents per share, in the second quarter ended June 30, from $4.80 billion, or 43 cents per share, a year earlier. Excluding special items, the bank earned 37 cents per share, beating the average analyst estimate of 33 cents, according to Thomson Reuters I/B/E/S.

Yahoo Inc. is expected to report second-quarter earnings after the market’s close on Monday, but the company’s looming sale will likely be front-and-center. The company is expected to stop taking bids and make a decision about a potential suitor, on or around Monday.

Netflix Inc. is set to report its second-quarter earnings after the market closes on Monday. The Los Gatos, Calif. company has had a rocky couple of months as investors focus on its growth potential in the U.S. and overseas.

Oil prices fell on Monday as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support. Brent crude futures fell 36 cents to $47.25 a barrel by 1131 GMT, while U.S. crude futures were 31 cents lower at $45.64 a barrel.