US stocks open lower following declines in Europe; American Express leads the Dow lower

Stocks are opening lower in the U.S. following steep declines in Europe and some disappointing results from big companies.

American Express slumped 4 percent early Friday, the most in the Dow Jones industrial average, after reporting revenue that missed analysts' forecasts.

Honeywell fell 2 percent after its revenue also fell short.

The Dow was down 180 points, or 1 percent, to 17,929 in the first few minutes of trading.

The Standard & Poor's 500 index lost 13 points, or 0.6 percent, to 2,091. The Nasdaq composite fell 39 points to 4,966.

European markets fell. The DAX slumped 1.8 percent in Germany.

Bond prices fell after the U.S. government reported a slight increase in inflation last month. The yield on the 10-year Treasury note rose to 1.90 percent.