The markets opened lower with the Dow slipping 9 points to 17,973 as investors monitored earnings. Nasdaq tumbled 46 points to 4,899.
On the upside
Advanced Micro Devices (Nasdaq: AMD) reported a smaller than expected loss for the first quarter and announced a licensing agreement with a new joint venture with Tianjin Haiguang Advanced Technology Investment.
Oaktree Capital Management acquired $200 million in convertible preferred units of NGL Energy Partners (NYSE: NGL).
Southwestern Energy (NYSE: SWN) reported a smaller than expected loss for the first quarter.
On the downside
Microsoft (Nasdaq: MSFT) reported lower third quarter earnings that fell short of expectations.
American Airlines (Nasdaq: AAL) reported lower first quarter earnings and revenue.
Hawaiian Holdings (Nasdaq: HA) reported higher first quarter earnings and revenue but revenue fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 slipped a point to 2,089. Bitcoin fell $3 to $442.
