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

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NEW YORK — 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 percent in the first quarter, was worse than the government's initial estimate of growth of 0.2 percent in the period.

PHOTO: FILE - This Monday, July 15, 2013 file photo shows the American flag and Wall Street street sign outside the New York Stock Exchange, in New York. Stocks are moderately lower in early trading Thursday, May 28, 2015, a day after the Nasdaq composite closed at a record high. (AP Photo/Mark Lennihan, File)
FILE - This Monday, July 15, 2013 file photo shows the American flag and Wall Street street sign outside the New York Stock Exchange, in New York. Stocks are moderately lower in early trading Thursday, May 28, 2015, a day after the Nasdaq composite closed at a record high. (AP Photo/Mark Lennihan, File)

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.

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