Midday Report: Advanced Micro Devices Surges; U.S. Stocks Tumble

U.S. stocks retreated with the Nasdaq sharply lower as a series of earnings from industry titans disappointed. Alphabet (GOOGL) - Get Report , General Electric (GE) - Get Report , Starbucks (SBUX) - Get Report and Microsoft (MSFT) - Get Report were among those who reported an underwhelming quarter. A flash reading on U.S. manufacturing in April fell to a seven-year low. Production volumes languished as new business growth slowed, while manufacturing employment came in at its weakest since mid-2013. Advanced Micro Devices (AMD) - Get Report surged after topping estimates in its first quarter and issuing strong second-quarter guidance. The chipmaker anticipates second-quarter sales up 15 percent quarter on quarter, double what analysts had forecast. TheStreet's Keris Lahiff reports from Wall Street.