Stocks Opened Higher; US Labor Costs Post Smallest Gain

U.S. stocks opened higher on Friday after closely watched measure of employment costs decelerated in the second quarter, sparking hopes that the Federal Reserve might delay a rate hike. The Dow Jones Industrial Average lately fell 41.66 points, or 0.23%, to 17,704.32. The S&P 500 was down 0.50 points, or 0.02%, to 2,108.13. The Nasdaq Composite was up 6.56 points, or 0.13%, to 5,135.34.

U.S. labor costs in the second quarter recorded their smallest increase in 33 years amid tepid gains in the private sector. The Employment Cost Index, the broadest measure of labor costs, edged up 0.2 percent, the Labor Department said.

Exxon Mobil Corp (XOM.N) reported lower-than-expected second-quarter results on Friday. It earned $4.2 billion, or $1.00 per share, in the quarter, compared with $8.8 billion, or $2.05 per share.

UPS is buying Coyote Logistics for $1.8 billion as it maneuvers for a slice of the burgeoning freight brokerage business. UPS said Friday that it expects the acquisition adding to its earnings next year.

The International Olympic Committee on Friday named Beijing as host of the 2022 Winter Olympics after the Chinese capital got more votes from IOC members than the only other candidate, Almaty in Kazakhstan.