Stocks Opened Lower on PMI, Jobless Claims

U.S. stocks opened lower on Thursday as data showed an uptick in weekly jobless benefits and an early gauge of manufacturing dipped in January. The Dow Jones Industrial Average lately fell 162.41 points, or 0.99%, at 6,210.93. The S&P 500 was down 15.49 points, or 0.84%, at 1,829.37. The Nasdaq Composite was off 36.08
points, or 0.85%, at 4,206.92.

An early gauge of U.S. manufacturing dipped in January from the prior month, but some of the slowdown was due to cold weather, Markit reported Thursday . The U.S. flash purchasing managers’ index slipped to 53.7 in January, down from December’s level of 55, which was an 11-month high.

The number of Americans who applied last week for unemployment benefits rose slightly but remained near a post-recession low, suggesting little change in private-sector hiring and firing patterns. In the seven days ended Jan. 18, initial jobless claims edged up by 1,000 to a seasonally adjusted 326,000, the Labor Department said Thursday.

PMorgan Chase & Co (JPM) Chief Executive Officer Jamie Dimon said on Thursday that government legal cases, including those over mortgage securities the company settled for more than $13 billion, were “unfair”.

McDonald’s Corp reported weaker-than-expected quarterly revenue as fewer customers ate at its restaurants, partly due to severe winter weather in the United States. The fast-food chain also reported a 0.1 percent decline in global sales at established restaurants in the fourth quarter ended December 31.

Netflix Inc. said late Wednesday the total number of U.S. video-streaming subscribers jumped by 2.33 million in the fourth-quarter, bringing profit up to $48 million, or 79 cents a share.