TODAY'S I,IARKETS U.S. Stocks Open Lower

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TODAY'S I,IARKETS

U.S. Stocks Open Lower

Durable-Goods Orders Rise 0.7% in June

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B y SAU MYA VAISHAMPAYAN An d J OSIE C OX CONNECT Updated July 25, 2014 9:35a.m. ET

DEVELOPING STORY

v I ?u .s . Stocks Open Low er; DJIA Dow n 70; Visa, ( -4.16% UnitedHealth Among

Decliners

?s&P 500 Falls 6, Nasdaq Sheds 24; Consumer Discretionary Leads Sector Decliners

MORE TO FOLLOW

Earlier:

U.S. stock futures inched dow n Friday, pressured by disappointing new s from

I companies such as Visa Inc. and Inc. [ AMZN -10.70%

Dow Jones Industrial Average futures shed 18 points, or 0.1%, to 16980.

S&P 500 index futures lost three points, or 0.1%, to 1978 and Nasdaq-1 00 futures dropped 13 points, or 0.3%, to 3959. Changes in stock futures don't always accurately predict stock m oves after the opening bell.

Stock futures w ere little changed after orders for durable goods, or big-ticket manufactured items, rose 0.7% in June from May, the Commerce Department said Friday. Economists had expected a 0.5% increase.

On Thursday, the S&P 500 gained less

WSJ's Emma Moody joins Simon Constable on the New s Hub w ith the details of stronger-than-expected durable goods orders in June that could spread optimism on Wall Street. Photo: Getty

than 0.1% to hit a record of 1987.98. The Dow fell less than 0.1% to 17083.80.

The S&P 500 has hit 27 all-time highs this

year and the Dow has notched 15 records, w ith gains fueled by low interest rates and

improving economic data . But stocks have been choppy in recent days as investors

w atch corporate earnings to gauge w hether stocks can continue pushing to new highs.

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Bank earnings w ere encouraging about the outlook for stocks since they indicated that businesses are thinking about grow ing, said Joe Costigan, director of research at Bryn Mawr Trust, w hich has $7.4 billion in assets.

"Almost across the board, banks have been fairly positive about their commercial-lending businesses picking up," he said. ''That's something that makes me feel more comfortable that the economy is beginning to gain steam."

In corporate new s, posted a wider-than-expected loss of $126 million in the second quarter even as revenue rose 23%. Shares fell 11 % in premarket trade.

Visa trimmed its forecast for annual revenue grow1h in its fiscal third-quarter earnings

I report. J.P. Morgan [ JPM -0.25% on Friday low ered its year-end price target on Visa

shares to $237 from $248 previously. Shares fell 3% premarket.

I General Motors Co. [ GM -2 .74% said its second-quarter profit plummeted 80% in the

quarter due to a number of recalls. Shares declined 0.8% premarket.

Overseas, the Stoxx Europe 600 index slipped 0.2%. In London, Royal Bank of Scotland

I Group [ RBS.LN +11 .31% PLC shares rallied nearly 13% after the bank posted upbeat

quarterly earnings a w eek earlier than expected.

In commodity markets, gold futures rose 0.4% to $1,295.30 an ounce and crude-oil futures shed 0.6% to $101.44 a barrel.

Write to Saumya Vaishampayan at saumya.vaishampayan@ and Josie Cox at jos ie.c o x @ ws j.c o m

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