Stocks Opened Lower after Weak Data

U.S. stocks opened slightly lower on Thursday as investors assessed a number of economic reports a day after the Federal Reserve minutes signaled a June interest-rate hike was unlikely. The Dow Jones Industrial Average lately slipped 18.18 points, or 0.10%, to 18,267.22. The S&P 500 was down 1.07 points, or 0.05%, to 2,124.78. The Nasdaq Composite fell 4.16 points, or 0.08%, to 5,067.59.

The average number of Americans filing for unemployment benefits over the past four weeks dropped to a 15-year low, a sign the labor market continues to strengthen. The four-week average for jobless claims decreased to 266,250 in the period ended May 16 from 271,750, a Labor Department report showed Thursday in Washington.

Best Buy Co. reported fiscal first-quarter profit and sales that beat expectations. For the quarter ended May 2, net earnings fell to $129 million, or 36 cents a share, from $461 million, or $1.31 a share, in the year-earlier period. Excluding non-recurring items, adjusted earnings per share were 37 cents. Revenue slipped to $8.56 billion from $8.64 billion,

Lumber Liquidators, the embattled hardwood flooring retailer, said Thursday CEO Robert Lynch “unexpectedly” resigned, following weeks of struggles stemming from safety concerns related to its products. The Toano, Va.-based company will search nationally for a replacement, it said. Company founder Thomas Sullivan will serve as acting CEO.

In a deal that expands CVS Health’s presence in the rapidly growing specialty pharmacy and long-term care business, the drugstore giant said it would buy Omnicare (OCR) for $12.7 billion.

Hewlett-Packard is selling a 51 percent stake in its China sever, storage and technology storage unit for about $2.3 billion as it restructures its business in that country.