Stocks Opened Lower amid Oil Slide

U.S. stocks opened lower on Thursday, amid a pullback in oil prices from recent highs. The Dow Jones Industrial Average lately fell 38.70 points, or 0.21%, to 17,966.35. The S&P 500 declined 6.26 points, or 0.30%, to 2,112.86. The Nasdaq Composite gave up 10.84 points, or 0.22%, to 4,963.81.

Oil prices fell on Thursday as traders took profits after three sessions of gains. International Brent crude oil futures traded 46 cents a barrel lower at $52.05 a barrel at 7.32 a.m. ET. U.S. crude fell by 34 cents a barrel to $50.89 after also hitting a new 2016 high at $51.67.

The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market despite a sharp slowdown in hiring last month. Initial claims for state unemployment benefits declined 4,000 to a seasonally adjusted 264,000 for the week ended June 4, the Labor Department said on Thursday. Claims for the prior week were revised to show 1,000 more applications received than previously reported.

The productivity of American businesses and workers fell in the first quarter at a slower pace than previously reported. Productivity declined at a 0.6% annual rate in the first three months of the year instead of the initial 1% estimate, revised Labor Department figures showed.