New York - US stocks opened lower on Wednesday with Staples and Office Depot plummeting as their proposed merger fizzled and Disney and Macy's tumbling on disappointing earnings.
Staples plunged 15.4% and Office Depot 36.1% with the office supplies retailers calling off their merger after a US court blocked the deal following opposition from antitrust regulators.
Dow member Disney sank 4.8% after reporting earnings that missed expectations, while Macy's dived 8.1% on lower earnings and sales as it complained of continued weakness in consumer spending levels for apparel.
Five minutes into trade, the Dow Jones Industrial Average was at 17 863.08, down 0.4%.
The broad-based S&P 500 lost 0.2% at 2 079.73, while the tech-rich Nasdaq Composite Index dropped 0.3% to 4 797.85.