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Stocks open slightly lower after US reports that the economy contracted in the first quarter

NEW YORK, N.Y. – U.S. stocks are opening slightly lower after the government reported that the domestic economy contracted in the first three months of the year.

The revised figures published early Friday, which showed gross domestic product contracting 0.7 per cent in the first quarter, was worse than the government’s initial estimate of growth of 0.2 per cent in the period.

The Dow Jones industrial average fell 50 points, or 0.3 per cent, to 18,078 as of 9:35 a.m. Eastern time.

The Standard & Poor’s 500 index lost four points, or 0.2 per cent, to 2,116. The Nasdaq composite declined five points, or 0.1 per cent, to 5,093.

The declines were shallow but broad. Nine of the 10 sectors in the S&P 500 index fell.

GameStop rose 8 per cent after reporting earnings that beat analysts’ estimates.