Stocks Opened Lower after Mixed Data, Earnings

U.S. stocks opened lower on Tuesday as investors assessed earnings reports and economic data. The Dow Jones Industrial Average lately lost 21.37 points, or 0.12%, to 18,383.14. The S&P 500 fell 2.09 points, or 0.10%, to 2,168.75. The Nasdaq Composite dropped 8.48 points, or 0.16%, to 5,175.72.

U.S. consumer spending rose more than expected in June as households bought a range of goods and services. However, core personal consumption expenditures (PCE), the Federal Reserve’s preferred inflation measure, increased 1.6 percent in the 12 months through June, falling below the central bank’s 2 percent target.

Higher expenses offset a big jump in sales from an acquisition, as Pfizer Inc.’s second-quarter profit plunged 23 percent. The biggest U.S. drugmaker still beat Wall Street’s expectations. Pfizer on Tuesday reported net income of $2.02 billion, or 33 cents per share, down from $2.63 billion, or 42 cents per share, in 2015’s second quarter.

Oil edged higher on Tuesday after falling by up to 10 percent in just one week, but investors remained concerned about oversupply weighing on prices. Global benchmark Brent crude was trading up 49 cents at $42.63 a barrel at 1031 GMT. U.S. West Texas Intermediate (WTI) crude was up 38 cents at $40.44 a barrel.

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