Stocks Opened Lower after Economic Data

U.S. stocks opened slightly lower on Thursday, as weaker-than-expected economic data sapped investor confidence. The Dow Jones Industrial Average lately slipped 38.66 points, or 0.23%, to 16,860.66. The S&P 500 shed 5.93 points, or 0.30%, to 1,980.52. The Nasdaq Composite was down 9.93 points, or 0.21%, to 4,693.49.

More Americans applied for unemployment benefits last week, but their numbers remained low enough to suggest that layoffs are rare and the job market is healthy. The Labor Department said Thursday that the number of people seeking jobless aid rose by 6,000 to a seasonally adjusted 278,000, highest since the end of January.

U.S. nonfarm productivity fell less steeply than previously thought in the fourth quarter, but still pushed up labor- related costs as companies employed more workers to raise output. The Labor Department said on Thursday that productivity, which measures hourly output per worker, decreased at a 2.2 percent annual rate and not the 3.0 percent pace it reported last month.

Oil prices wavered on Thursday after weekly U.S. data showed a big increase in crude stockpiles, underscoring the continuing oversupply of oil. Brent crude fell 0.2% to $36.85 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.1% at $34.70 a barrel.

With the future of diesel in question in the wake of Volkswagen AG’s emissions-cheating scandal, electric vehicles that have long struggled to find buyers in Europe are finally getting endorsed by major carmakers.

Kroger Co. said its earnings rose 7.9% in the latest quarter, though revenue missed expectations and same-store sales growth slowed. For the quarter ended Jan. 30, Kroger reported a profit of $559 million, or 57 cents a share, up from $518 million, or 52 cents a share, a year earlier. Revenue increased 3.8% to $26.17 billion.

Costco Wholesale Corp. on Wednesday posted an 8.7% decline in second-quarter profit. Overall for the quarter, Costco reported a profit of $546 million, or $1.24 a share, down from $598 million, or $1.35 a share, a year earlier. Revenue, which includes membership fees, rose 2.6% to $28.17 billion.