Stocks Opened Mostly Lower after Mixed Earnings

U.S. stocks opened mostly lower on Friday, after mixed corporate earnings results, including a disappointing quarter from Amazon (AMZN). The Dow Jones Industrial Average lately rose 69.35 points or 0.26%, to 26,874.88. The S&P 500 was off 0.82 point, or 0.03%, to 3,009.47. The Nasdaq Composite was down 6.88 points, or 0.08%, to 8,178.92.

Oil futures drifted into negative territory Friday, as concerns over supply appeared to take over the spotlight from longer-term worries over global economic growth and the outlook for crude demand. West Texas Intermediate crude for December delivery was off 10 cents, or 0.2%, at $56.13 a barrel. December Brent crude was off 7 cents, or 0.1%, at $51.60 a barrel.

Amazon (AMZN) reported third-quarter profit of $2.1 billion, or $4.23 a share, on sales of $69.98 billion. Sales rose from $56.58 billion a year ago, but earnings declined from $5.75 a share.

Verizon Wireless (VZ) on Friday reported third quarter earnings that beat analysts’ expectations on the top and bottom line, aided by strong growth in its wireless business. For third-quarter 2019, Verizon reported EPS of $1.25, compared with $1.19 in third-quarter 2018.On an adjusted basis (non-GAAP), third-quarter 2019 EPS, excluding special items, was $1.25, compared with adjusted EPS of $1.22 in third-quarter 2018.