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US stocks fall as Staples-Home Depot merger dies

AFP

US stocks opened lower 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 percent and Office Depot 36.1 percent 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 percent after reporting earnings that missed expectations, while Macy's dived 8.1 percent 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 percent.

The broad-based S&P 500 lost 0.2 percent at 2,079.73, while the tech-rich Nasdaq Composite Index dropped 0.3 percent to 4,797.85.