Wall Street stocks were mostly lower early today after the US Commerce Department estimated first-quarter economic growth at a feeble 0.5 per cent.
That figure lagged expectations and reflected meek consumer spending and a 5.9 per cent drop in business investment, the sharpest decline since 2009.
The Bank of Japan's surprise decision against additional stimulus measures also weighed on stocks. Equity markets in Europe were lower and the Nikkei 225 in Tokyo sank 3.6 per cent.
Analysts said that, after the poor first quarter US GDP data, it was not clear how strong a second quarter rebound would be.
"There is not yet anything in the data to suggest the rebound will be anywhere near as strong as last spring's," said Chris Low of FTN Financial.
About 25 minutes into trade, the Dow Jones Industrial Average was at 17,963.31, down 0.4 per cent. The broad-based S&P 500 lost 0.2 per cent at 2,091.34.
But the tech-rich Nasdaq Composite Index rose 0.1 per cent to 4,868.55, lifted by banner results from Facebook.
The social networking company powered 9.4 per cent higher after announcing that first-quarter profits tripled from the year-ago period to USD 1.5 billion.
Facebook's strong results contrasted with disappointing earnings over the last week from Apple, Microsoft and other large technology companies.
Abbott tumbled 6.8 per cent after announcing it would buy medical device maker St Jude Medical for USD 25 billion.
Abbott said it was attracted to St Jude for its products to treat cardiovascular problems.
DreamWorks Animation, the studio known for its "Shrek" and "Madagascar" films, surged 24.2 per cent on news it agreed to be acquired by Comcast for USD 3.8 billion. Comcast fell 0.1 per cent.
Priceline fell 0.4 per cent as it announced the sudden resignation of chief executive Darren Huston following an investigation into Huston's personal relationship with another Priceline employee. Priceline said the probe had shown Huston had behaved inappropriately.
A large number of bigger companies reported earnings, with most rising: Colgate-Palmolive, up 1.1 per cent; ConocoPhillips, up 1.4 per cent; Ford, up 1.9 per cent; Marathon Oil, up 1.1 per cent; United Parcel Service, down 1.0 per cent; and Viacom, down 2.2 per cent.
