Markets Right Now: Stocks fall as weak earnings offset GDP

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening lower Friday after weak earnings reports offset a report showing solid growth in the U.S. economy.

The economy grew at a solid 3.2%, the Commerce Department said, compared with 2.2% in the fourth quarter.

Some earnings news disappointed investors. Intel gave a cautious outlook for the full year. Its stock fell 9.3% and dragged down other chipmaker stocks.

Exxon Mobil fell 2.2% after both profit and revenue came up short of Wall Street expectations.

The S&P 500 index fell 4 points, or 0.2%, to 2,921.

The Dow Jones Industrial Average lost 44 points, or 0.2%, to 26,417. The Nasdaq fell 40 points, or 0.5%, to 8,077.

Bond prices rose after the economic report. The yield on the 10 year Treasury fell to 2.49%.