Global stocks turn lower as oil rally fades

NEW YORK (AP) — Stocks are opening lower in the U.S. as corporate earnings reports start to trickle in.

Investors have low expectations for the earnings reporting season that is getting underway this week and next. On Thursday Hooker Furniture sank 16 percent after its results fell short of estimates.

Crude oil prices turned lower after a big rally the day before.

The Dow Jones industrial average was down 111 points, or 0.6 percent, to 17,604 as of 9:35 a.m. Eastern time.

The Standard & Poor’s 500 index lost 10 points, or 0.5 percent, to 2,055. The Nasdaq composite fell 21 points, or 0.5 percent, to 4,898.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.72 percent.

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