The Dow lost 64 points or 0.2% by 9:51 AM ET (13:51 GMT) while the S&P 500 was down 5 points or 0.2% and tech-heavy Nasdaq composite slipped by 4 points or 0.06%.
Earnings season looks like it will disappoint after key bank results earlier in the day. Goldman Sachs Group (NYSE:GS) slumped 3% after its quarterly revenue was down in nearly all of its business divisions. Still, the financial institution managed to beat expectations due to cutting costs. Citigroup (NYSE:C) fell 1.2% after it also reported declining revenue, even as earnings were higher than expected. Other bank stocks were also down, with Bank of America (NYSE:BAC) declining 1.3%, while Wells Fargo (NYSE:WFC) lost 0.6% after the bank lowered its outlook for net interest income on Friday. Meanwhile, Bed Bath & Beyond (NASDAQ:BBBY) was down 2.7% after news on Friday that it is planning to close around 40 stores. Elsewhere, Nike (NYSE:NKE) rose 1.1%, while Qualcomm (NASDAQ:QCOM) gained 0.6% and Waste Management (NYSE:WM) jumped 2.5% after news that it is buying Advanced Disposal in a $5 billion deal. In commodities, gold futures slumped 0.6% to $1,287.15 a troy ounce while crude oil fell 0.6% to $63.50 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was mostly flat at 96.532.