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

Markets Associated Press

U.S. stocks are opening slightly lower after the government reported that the domestic economy contracted in the first three months of the year.

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

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

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

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

GameStop rose 8 percent after reporting earnings that beat analysts' estimates.