The markets opened lower with the Dow dropping 64 points to 14,553 as first time applications for unemployment benefits rose. Nasdaq fell 23 points to 3180.
On the upside
Taiwan Semiconductor (NYSE: TSM) reported higher first quarter earnings.
A Food and Drug advisory panel recommended approval for Theravance's (Nasdaq: THRX) Breo Ellipta inhaler.
PepsiCo (NYSE: PEP) reported lower first quarter earnings but the results were better than expected as revenue rose.
On the downside
Nokia (NYSE: NOK) narrowed first quarter losses but revenue dropped as phone sale tumbled.
Exact Sciences (Nasdaq: EXAS) reported that its Cologuard colorectal cancer screening test met the goal of a late stage trial but the detection rate fell short of analyst expectations.
First quarter earnings rose for eBay (Nasdaq: EBAY) to top analyst estimates but the online commerce platform forecast current quarter earnings and revenue below expectations.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 index lost 8 points to 1543.
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