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NEW YORK Taron Johnson Hoodie , Aug. 8 (Xinhua) -- U.S. stocks opened lower onTuesday, as investors continued to watch the latest earningsreports.
Shortly after the opening bell, the Dow Jones Industrial Averagelost 37.50 points, or 0.17 percent, to 22,080.92. The S&P 500erased 4.11 points, or 0.17 percent, to 2,476.80. The NasdaqComposite Index was down 9.44 points, or 0.15 percent, to6,374.33.
U.S. retailer Michael Kors said on Tuesday that the company'ssales in the quarter ended July 1 fell 5.9 percent, but much lesssevere 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 918.6million dollars.
Shares of Michael Kors soared over 17 percent after theannouncement.
Meanwhile, traders were still digesting the latest comments froma Federal Reserve official. St. Louis Federal Reserve PresidentJames Bullard said on Monday that the central bank won't need toraise rates in the near term.
""The current level of the policy rate is likely to remainappropriate over the near term,"" he said.
In the previous session, U.S. stocks ended higher, with the DowJones Industrial Average posting its ninth straight record close,as investors continued to cheer on better-than-expected employmentdata. Enditem
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