Stocks Opened Slightly Higher and Turned Negative

U.S. stocks opened slightly higher and turned negative in the early trading on Friday as second-quarter earnings unofficially kicked off with some of the nation’s biggest banks. The Dow Jones Industrial Average lately fell 30.39 points, or 0.12%, to 24,894.50. The S&P 500 was down 6.02 points, or 0.22%, to 2,792.27. The Nasdaq Composite lost 18.96 points, or 0.24%, to 7,804.96.
Oil prices fell Friday as investors’ concerns over resurgent Libyan supply and global trade disputes outweighed several reports showing that crude supply was still tight. September Brent crude fell 35 cents, or 0.5%, to $74.07 a barrel. August West Texas Intermediate crude slipped 12 cents, or 0.2%, to $70.21 a barrel.

Citigroup Inc’s (C) quarterly profit topped Wall Street estimates on Friday, helped by strength in its consumer banking business in Mexico, North America and Asia. Net income rose to $4.49 billion in the second quarter ended June 30, from $3.87 billion a year earlier. Earnings per share rose to $1.63 from $1.28 and topped analysts’ average estimate of $1.56, according to Thomson Reuters I/B/E/S.

Wells Fargo & Co (WFC) on Friday reported a bigger-than-expected drop in quarterly profit, as lending activity slowed and it recorded higher expenses. Net income applicable to common stock fell to $4.79 billion, or 98 cents per share, in the quarter ended June 30, from $5.45 billion, or $1.08 per share a year ago.