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Traders Thomas Kay, left, and Frederick Reimer work on the floor of the New York Stock Exchange, Thursday, Aug. 7, 2014. U.S. stocks are opening slightly higher after Europe's main two central banks decided to keep interest rates on hold. (AP Photo/Richard Drew)

NEW YORK (AP) — U.S. stocks gave up an early gain and turned lower in midday trading as investors assessed the latest company earnings and outlook for the economy.

Phone and internet companies had some of the biggest losses. Windstream Holdings fell 3 percent after reporting that its earnings plunged in the second quarter.

21st Century Fox rose 6 percent after reporting higher earnings than investors were expecting.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,913 as of midday Thursday. The Dow Jones industrial average fell 54 points, or 0.3 percent, to 16,388. The Nasdaq composite fell seven points, or 0.2 percent, to 4,347.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.43 percent, the lowest level of the year.