Poor results from PulteGroup send homebuilder shares lower; broader market also declines

U.S. stocks are opening slightly lower following disappointing earnings news from a major homebuilder and other companies.

PulteGroup sank 9 percent in early trading Thursday, the most in the Standard & Poor's 500 index, after reporting quarterly income that was well below what Wall Street analysts were expecting.

Railroad operator Union Pacific and Texas Instruments also declined after their results fell short of forecasts.

The Dow Jones industrial average was down 47 points, or 0.3 percent, to 17,990 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index lost two points, or 0.1 percent, to 2,105. The Nasdaq composite fell six points, or 0.1 percent, to 5,028.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.97 percent.