Stocks Opened Lower after Mixed Earnings

U.S. stocks opened lower on Tuesday, as investors grappled with a mixed batch of earnings reports. The Dow Jones Industrial Average lately fell 51.15 points, or 0.24%, to 21,578.57. The S&P 500 lost 3.44 points, or 0.14%, to 2,455.70. The Nasdaq Composite was down 3.04 points, or 0.05%, to 6,311.39.

Goldman Sachs Group Inc reported a 40 percent drop in bond trading revenue during its second-quarter earnings. Overall revenue was roughly flat, however, as gains in investing and lending and asset management helped offset the trading slump. It reported earnings of $3.95 a share, beating analyst estimates of $3.39 and last year’s second-quarter figure of $3.72.

Bank of America Corp reported a higher-than-expected quarterly profit on Tuesday as revenue rose in three of its main businesses, more than offsetting a fall in trading. Net interest income rose 8.6 percent to $10.99 billion in the second quarter. The bank’s total revenue of $23.07 billion handsomely beat the average analyst estimate of $21.78 billion.

Oil prices extended a rebound Tuesday, bolstered in part by a weaker dollar. Light, sweet crude futures for delivery in August rose 72 cents, or 1.5%, to $46.74 a barrel. September Brent crude gained 76 cents, or 1.6%, to $49.18 a barrel.