Stocks Opened Lower as Caterpillar Talked Job Cuts

U.S. stocks opened lower on Thursday ahead of a speech from Federal Reserve Chairwoman Janet Yellen. The Dow Jones Industrial Average lately lost 221.27 points, or 1.36%, to 16,058.62. The S&P 500 lost 23.92 points, or 1.23%, to 1,914.84. The Nasdaq Composite shed 61.29 points, or 1.29%, to 4,691.46.

Caterpillar (CAT) announced a restructuring program that will see it shed 10,000 jobs by the end of 2018. The company is aiming to save $1.5 billion annually through measures that include layoffs of 4,000 to 5,000 people by the end of 2016 and plant closures.

New applications for U.S. unemployment benefits inched up by 3,000 to 267,000 in the seven days ended Sept. 19. The latest report on initial claims fits with a healthy labor market.

Orders for durable goods in August fell for the first time in three months. Orders for U.S.-made durable goods such as autos, appliances and heavy machinery fell a seasonally adjusted 2% last month, the Commerce Department said Thursday.