US stocks drop on weak first quarter growth

New York - Wall Street stocks dropped in opening trade on Thursday after the US Commerce Department estimated first-quarter economic growth at a feeble 0.5%.

That figure lagged expectations and reflected meek consumer spending and a 5.9% 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%.

Five minutes into trade, the Dow Jones Industrial Average was at 17 932.32, down 0.6%.

The broad-based S&P 500 lost 0.4% at 2 086.16, while the tech-rich Nasdaq Composite Index fell 0.2% at 4 853.55.