Stocks Opened Lower, Oil Traded Modestly Higher

U.S. stocks opened lower on Friday as investors focused on earnings results. The Dow Jones Industrial Average lately fell 86.39 points, or 0.40%, to 21,525.39. The S&P 500 was down 5.63 points, or 0.23%, to 2,467.82. The Nasdaq Composite dropped 16.86 points, or 0.26%, to 6,373.14.

Oil prices traded modestly higher Friday, as market participants weighed signs of a shrinking global glut and the possibility that some oil producers may be getting ready to crank up their output. Light, sweet crude futures for delivery in September recently traded up 20 cents, or 0.4%, to $47.13 a barrel. September Brent crude rose 26 cents, or 0.5%, to $49.55.

General Electric Co reported a 12 percent drop in quarterly revenue as weakness in its energy connections business offset strength in renewables and power units. Earnings from continuing operations attributable to GE shareholders fell to $1.34 billion in the second quarter ended June. 30 from $3.30 billion a year earlier. Earnings per share from continuing operations fell to 15 cents from 36 cents, the company said.