NEW YORK, Aug. 8 (Xinhua) -- U.S. stocks opened lower on Tuesday, as investors continued to watch the latest earnings reports.
Shortly after the opening bell, the Dow Jones Industrial Average lost 37.50 points, or 0.17 percent, to 22,080.92. The S&P 500 erased 4.11 points, or 0.17 percent, to 2,476.80. The Nasdaq Composite Index was down 9.44 points, or 0.15 percent, to 6,374.33.
U.S. retailer Michael Kors said on Tuesday that the company's sales in the quarter ended July 1 fell 5.9 percent, but much less severe than the 8.9-percent drop that Wall Street was expecting. Total revenue for the first quarter came in at 952.4 million U.S. dollars, again topping analysts' estimates for sales of 918.6 million dollars.
Shares of Michael Kors soared over 17 percent after the announcement.
Meanwhile, traders were still digesting the latest comments from a Federal Reserve official. St. Louis Federal Reserve President James Bullard said on Monday that the central bank won't need to raise rates in the near term.
"The current level of the policy rate is likely to remain appropriate over the near term," he said.
In the previous session, U.S. stocks ended higher, with the Dow Jones Industrial Average posting its ninth straight record close, as investors continued to cheer on better-than-expected employment data.
