US stocks dip as big earnings week kicks off

Wall Street stocks declined slightly in early trading Monday at the start of a week of heavy corporate earnings and economic data releases.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 25,006.03.

The broad-based S&P 500 also dipped 0.1 percent to 2,798.64, while the tech-rich Nasdaq Composite Index was off slightly at 7,824.99.

Analysts are optimistic about second-quarter earnings and hope strong results will position stocks to move higher and shake off worries about trade wars and higher interest rates.

Key results this week include Netflix, United Continental and General Electric.

Bank of America advanced 1.7 percent after reporting a 36.3 percent rise in second-quarter profits to $6.5 billion due to higher lending and lower tax expenses following US job cuts.

In other economic news, US retail sales rose 0.5 percent in June compared with May, matching analyst expenses.

This week's economic calendar includes reports on housing, as well as the Federal Reserve's beige book describing conditions around the United States. Fed chairman Jay Powell will present his annual testimony to Congress on Tuesday and Wednesday.