Markets plunge at open as oil prices fall

Jobless claims dropped last week but the markets opened sharply lower with the Dow plunging 139 points to 17,386 as crude oil prices fell. Nasdaq tumbled 42 points to 4,696.

On the upside

American Eagle Outfitters (NYSE: AEO) reported higher first quarter earnings and revenue that beat expectations.

Tonix Pharmaceuticals (Nasdaq: TNXP) reported upbeat results from a Phase 2 clinical study of TNX-102 SL in military-related post-traumatic stress disorder.

First quarter revenue climbed for Urban Outfitters (Nasdaq: URBN).

On the downside

Cheetah Mobile (NYSE: CMCM) reported sharply lower first quarter earnings .

Great Basin Scientific (Nasdaq: GBSN) note holders removed restrictions on the use of $1 million.

Retreating crude oil prices weighed down shares of SeaDrill (NYSE: SDRL).

In the broad market, declining issues outpaced advancers by a margin of 3 to 1 on the NYSE and by a margin of 7 to 5 on Nasdaq. The broader S&P 500 fell 8 points to 2,038. Bitcoin dropped $5 to $448.
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