Renewed concerns about the negative economic impact of tariffs weighed the market down to a lower open with the Dow losing 37 points to 24,711. Nasdaq falling 37 points to 7258.

On the upside

Shire (Nasdaq: SHPG) rejected an acquisition offer worth approximately $61 billion from Takeda Pharmaceutical.

BRF (NYSE: BRFS) lifted a ban on nine processing plants.

American Express (NYSE: AXP) reported higher first quarter earnings and revenue that beat analyst expectations.

On the downside

First quarter revenue for Philip Morris (NYSE: PM) fell short of expectations.

Taiwan Semiconductor Manufacturing (NYSE: TSM) reported first quarter earnings that misses analyst estimates.

Morgan Stanley downgraded The Clorox Company (NYSE: CLX) from an Equal Weight rating to an Underweight rating and cut its price target from $128.00 to $116.00.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 losing 7 points to 2,701. Bitcoin added $22 to $8,219.