US stocks dip as Greek deal seems further away

New York - US stocks dipped in opening trade on Wednesday, following most European equity markets lower on dampened hopes for an imminent deal to avert a Greek debt default.

Five minutes into trade, the Dow Jones Industrial Average stood at 18 097.49, down 46.58 points.

The broad-based S&P 500 dipped 0.09% to 2 122.26, while the tech-rich Nasdaq Composite Index fell 0.08% to 5 155.88.

Equity markets in France, Germany and other European capitals were flagging on reports of a rift between the International Monetary Fund and Greece on the country's latest reform plan.

The Commerce Department reported that the first-quarter contraction of the US economy was not as bad as previously thought. Gross domestic product shrank at an annual rate of 0.2% in the period, much less than the 0.7% in the previous estimate.