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A weak open for US stocks following weak growth and disappointing company earnings
NEW YORK, N.Y. – Stocks are opening mostly lower as traders reacted to weak U.S. economic growth and some disappointing earnings.
The economy skidded nearly to a halt in the first three months of the year, the government reported early Wednesday, after being battered by harsh weather, plunging exports and sharp cutbacks in oil and gas drilling.
Garmin and Buffalo Wild Wings were among the stocks that fell after reporting disappointing earnings.
The Dow Jones industrial average fell 70 points, or 0.4 per cent, to 18,037 as of 9:35 a.m. Eastern time.
The Standard & Poor’s 500 index fell six points, or 0.3 per cent, to 2,108. The Nasdaq composite fell 14 points, or 0.3 per cent, to 5,040.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.06 per cent.
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