Stocks open lower ahead of Yellen testimony

Published on NewsOK Modified: May 6, 2014 at 8:51 am •  Published: May 6, 2014

NEW YORK (AP) — Stocks are opening lower as corporate earnings wind down and as investors hold back ahead of testimony from Federal Reserve Chair Janet Yellen.

American International Group slumped 2 percent after the company reported revenue that was below what investors were expecting.

Office Depot surged 15 percent after reporting quarterly income that was twice as high as investors were expecting. The company also said it would close at least 400 U.S. stores, as its merger with OfficeMax resulted in overlap of retail locations.

The Standard & Poor's 500 index slipped six points, or 0.3 percent, to 1,878 early Tuesday. Bank stocks fell the most in early trading.

The Dow Jones industrial average lost 62 points, or 0.4 percent, to 16,467. The Nasdaq composite fell 12 points, or 0.3 percent, to 4,125.

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