US STOCKS-Wall St opens lower as trade data suggests GDP contraction
* March trade deficit hits near 6-1/2 year high
* Disney hits record high after results
* Indexes off: Dow 0.2 pct, S&P 0.3 pct, Nasdaq 0.7 pct (Updates to open)
By Tanya Agrawal
May 5 (Reuters) - Wall Street opened lower on Tuesday after two sessions of gains after data showed that U.S. trade deficit rose in March, suggesting that economic growth contracted in the first quarter.
The deficit surged to its highest in nearly 6-1/2 years and the $51.4 billion gap was larger than the $45.2 billion deficit the government assumed in its snapshot of first-quarter gross domestic product last week.
A now-settled labor dispute at West Coast ports had significantly slowed trade at the start of the year. The dollar's surge has also weighed on trade and on corporate earnings reports.
About 68 percent of the S&P companies that have reported results so far, have reported earnings above analysts' estimates, above the 63 percent that typically beat in a quarter. However, only 44.4 percent have beaten on revenue, below the typical 61 percent.
"The dollar is clearly one factor in the lower revenue number," said Tom Donino, co-head of trading at First New York Securities in New York. Continuación...