Markets Right Now: Stocks start lower as retailers drop

NEW YORK (AP) — The latest on developments in financial markets (All times local):

9:35 a.m.

Stocks are opening lower as steep losses for Amazon and Starbucks drag retailers and other consumer-focused companies lower.

Amazon fell 4 percent Friday after its second-quarter profit fell far short of expectations as the company inverted more money in its business.

Starbucks sank 7.3 percent as investors were disappointed with its forecasts, and toymaker Mattel shed 8.2 percent following a weak report.

The U.S. government said the economy grew 2.6 percent from April to June. That was a big improvement from the previous three months, but a bit less than analysts expected.

The Standard & Poor’s 500 index lost 4 points, or 0.2 percent, to 2,470.

The Dow Jones industrial average dipped 9 points to 21,786. The Nasdaq composite fell 31 points, or 0.5 percent, to 6,350.