Amazon weighs on Nasdaq despite strong 3Q US growth data

The Dow opened higher Friday after third-quarter US economic growth bested expectations, while the Nasdaq fell on disappointing earnings from Amazon and Amgen.

US economic growth accelerated to a 2.9 percent annual rate in the third quarter, boosted by a big jump in exports and solid consumer spending, the Commerce Department reported. That was better than the analyst forecast of 2.5 percent.

Amazon slid 5.1 percent after it reported earnings that translated into 52 cents per share, much below the analyst forecast for 78 cents.

Amgen sank 9.7 percent on worries about a tougher pricing environment for best-selling auto-immune disease drug Enbrel, despite reporting higher third-quarter earnings.

Five minutes into trade, the Dow Jones Industrial Average stood at 18,195.77, up 0.1 percent.

The broad-based S&P 500 lost 0.2 percent at 2,128.81, while the tech-rich Nasdaq Composite Index dropped 0.4 percent to 5,193.06.