US stocks have opened lower as third-quarter earnings season served up disappointments from General Electric, McDonald's, Microsoft and Chipotle.
Thirty minutes into trade on Friday, the Dow Jones Industrial Average was down 95.17 points (0.70 per cent) to 13,453.77.
The broad-based S&P 500 lost 7.98 (0.55 per cent) to 1,449.36, while the Nasdaq Composite fell 17.95 points (0.58 per cent) to 3,054.92.
"There isn't any earnings-reporting momentum right now and guidance, when provided, has been generally cautious.
Against that backdrop, we can understand why the market has struggled to break through resistance," said Patrick O'Hare at Briefing.com.
Revenue rather than profits disappointments in earnings reports grabbed the focus of investors.
Microsoft shares fell 1.9 per cent after it reported late on Thursday that it had rebounded from a first-time-ever loss the previous quarter, but revenues fell eight per cent and missed analyst forecasts.
General Electric (-3.2 per cent) reported earnings up eight per cent as margins widened, and predicted a double-digit earnings rise for the year, but revenues also missed expectations and the company lowered its revenues growth forecast for the year to three per cent from five per cent.
McDonald's lost 3.2 per cent as its profits fell and said worldwide sales were slipping this month.
Chipotle plunged 14.6 per cent after missing earnings targets despite a 20 per cent profit gain, and predicting flat-to-lower sales for 2013.
Google, which inadvertently released its quarterly report in the middle of trade on Thursday and saw its share price crash more than 10 per cent on the results, was back up 0.9 per cent in early trade on Friday.
US bond prices gained.
The yield on 10-year Treasurys fell to 1.79 per cent from 1.82 per cent on Thursday, while the 30-year dropped to 2.98 per cent from 3.00 per cent.
Bond prices move inversely to yields.
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