Stocks Opened Lower on Weak Earnings, Data

U.S. stocks opened lower on Friday as weak earnings and economic data continued to weigh on shares. The Dow industrials lately drooped 97.99 points, or 0.55%, to 17,732.77. The S&P 500 fell 11.72 points, or 0.56%, to 2,064.09. The Nasdaq Composite was down 26.32 points, or 0.55%, to 4,778.97.

Consumer spending rose less than forecast in March, wrapping up the weakest quarter in a year for the biggest part of the U.S. economy even as incomes accelerated. Purchases picked up 0.1 percent after a revised 0.2 percent gain in February, Commerce Department figures showed Friday.

Oil and gas producer Chevron Corp (CVX.N) on Friday posted an adjusted profit that fell short of Wall Street’s expectations, as its cost cuts failed to fully offset low crude prices and weak refining margins. Chevron reported a net loss of $725 million, or 39 cents per share, compared with a net profit of $2.57 billion, or $1.37 per share, in the year-ago period.

Exxon Mobil Corp, the world’s largest publicly traded oil producer, reported a higher-than-expected first- quarter profit on Friday as it slashed costs to offset plunging crude prices and weak refining margins. Exxon reported net income of $1.81 billion, or 43 cents per share, down from $4.94 billion, or $1.17 per share, a year earlier.

Amazon revealed net income of $513 million, or $1.07 per share, in the first quarter of 2016, nearly double the amount of profit that analysts expected.

Monster Beverage Corp. announced earnings that beat expectations. The energy drink company said it had net income of $163.9 million, or 79 cents per share, up from $4.4 million, or 3 cents per share, for the same period last year.

Oil markets jumped 2 percent on Thursday, hitting 2016 highs for a third straight day as a weaker dollar had investors shrugging off record high U.S. crude inventories and relentless pumping by major producers. Brent settled up 96 cents at $48.14 a barrel, after hitting a 2016 high of $48.19. U.S. crude finished up 70 cents at $46.03, after a year-to-date peak at $46.14.