The markets opened sharply lower with the Dow tumbling 99 points to 15,512 as mortgage closing costs climbed. Nasdaq dropped 18 points to 3674.
On the upside
Second quarter earnings slipped for GT Advanced Technologies (Nasdaq: GTAT) but the results were better than expected.
MGM Resorts International (NYSE: MGM) narrowed second quarter losses more than expected as revenue rose.
Fossil Group (Nasdaq: FOSL) reported higher second quarter earnings that surpassed analyst expectations and the fashion accessories company forecast current quarter revenue ahead of estimates.
On the downside
American Eagle Outfitters (NYSE: AEO) warned that second quarter earnings would fall far short of analyst expectations prompting downgrades.
McDermott International (NYSE: MDR) fell to an unexpected loss for the second quarter and announced the retirement of chief operating officer John T. McCormack effective in the fourth quarter.
Superconductor Technologies (Nasdaq: SCON) priced its public offering of units of common stock and warrants at the discounted price of $1.799 per unit.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 lost 8 points to 1698.
