Drop In Productivity Weighs Down Markets To Lower Open

The markets opened lower with the Dow tumbling 104 points to 10,594 as worker productivity fell in the second quarter, the first drop since the fourth quarter of 2008. Nasdaq dropped 33 points to 2272.

On the upside

MBIA (NYSE: MBI) impressed with a profit for the second quarter.

ZST Digital Networks (Nasdaq: ZSTN) reported second quarter income that more than doubled as revenue surged.

Second quarter earnings for Fossil (Nasdaq: FOSL) more than tripled to beat expectations.

On the downside

The Securities and Exchange Commission issued a subpoena to CVB Financial (Nasdaq: CVBF) for information regarding the company's practices and procedures when dealing with troubled loans.

Nuance Communications (Nasdaq: NUAN) narrowed third quarter losses but revenue fell short of expectations.

Mindray Medical (NYSE: MR) reported higher second quarter earnings and revenue but sales in China dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 646.