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Worried at the open
Stocks slip in the early going as drop in durable goods orders, ho-hum earnings unnerve.
April 27, 2005: 9:46 AM EDT
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NEW YORK (CNN/Money) - Stocks slipped early Wednesday after a surprise fall in durable goods orders and some uninspiring corporate earnings revived worries about a broader slowdown.

The Dow Jones industrial average (down 91.34 to 10,151.13, Charts), the broader Standard & Poor's 500 (down 2.13 to 1,149.61, Charts) index and the Nasdaq composite (down 6.44 to 1,921.00, Charts) all declined around 0.5 percent in the early going.

The selloff was broad-based, with 26 out of 30 Dow components falling.

Durable goods orders fell 2.8 percent in March, according to a report released shortly before the open. Orders rose 0.5 percent in February. Economists surveyed by Briefing.com thought orders would rise 0.3 percent.

The report seemed to feed into recent worries about slowing economic growth, and paired with some ho-hum earnings, weighed on stocks in the early going.

Among the movers, Amazon.com (down $1.95 to $30.76, Research) fell more than five percent after reporting earnings late Tuesday that met estimates, but fell from a year earlier. Additionally, the company forecast current-quarter operating income that were in line with estimates, but down from a year ago. (For more on Amazon.com's earnings, click here.)

The influential chip sector was weaker. European firm STMicroelectronics (unchanged at $15.61, Research) reported weaker-than-expected earnings and Japanese chipmakers NEC and Fujitsu both issued lower quarterly guidance.

The Philadelphia Semiconductor (down 3.80 to 384.82, Charts) index, or the SOX, lost 1.1 percent.

U.S. light crude oil for June delivery fell 21 cents to $53.99 a barrel in electronic trading.

Treasury prices advanced, lowering the 10-year note yield to 4.21 percent from 4.25 percent late Tuesday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar rose versus the euro and slipped versus the yen.

COMEX gold fell $1.10 to trade at $437.90 an ounce.

In global trade, Asian-Pacific markets ended lower and European markets fell at midday.  Top of page

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