GDP contracts, markets open lower

The nation's economy contracted in the first quarter to weigh the market down to a lower open with the Dow dropping 60 points to 18,065. Nasdaq lost 12 points to 5,085.

On the upside

Transgenomic (Nasdaq: TBIO) launched its new Multiplexed ICE COLD-PCR (MS-ICP) CLIA to detect mutations in cancer patients.

Heron Therapeutics (Nasdaq: HRTX) reported positive results from a Phase 3 MAGIC study of SUSTOL.

An online abstract at the American Society of Clinical Oncology Annual Meeting 2015 highlighted Delcath Systems' (Nasdaq: DCTH) Hepatic CHEMOSAT Delivery System.

On the downside

Profit taking weighed down shares of Frontline (NYSE: FRO).

Investors locked in profits on One Horizon Group (Nasdaq: OHGI).

Splunk (Nasdaq: SPLK) widened first quarter losses.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 lost 4 points to 2116. Bitcoin slipped $1 to $236.