Stocks Opened Lower on Fed Warning, Brexit Vote

U.S. stocks opened lower on Thursday, a day after the Federal Reserve’s warning about an economic slowdown added to concerns of  Britain’s possible exit from the European Union. The Dow industrial Average lately fell 118.58 points, or 0.67%, to 17,521.59. The S&P 500 shed 15.34 points, or 0.74%%, to 2,056.16. The Nasdaq Composite slid 36.30 points, or 0.75%, to 4,798.63.

The number of people seeking U.S. unemployment benefits rose last week, but to a low level that indicates employers are still cutting relatively few jobs. Weekly applications rose 13,000 to a seasonally adjusted 277,000, the highest in four weeks.

U.S. consumer prices moderated in May, but sustained increases in housing and healthcare costs kept underlying inflation supported, which could allow the Federal Reserve to raise interest rates this year.

Oil prices hit their lowest in more than three weeks on Thursday, as U.S. crude stocks fell less than expected and concerns over Britain’s future in the EU weighed. Brent crude futures were down 64 cents at $48.33 by 1030 GMT. Front-month U.S. crude futures were trading at $47.39 a barrel, down 62 cents.

Walt Disney Co. opened Shanghai Disneyland, its first theme park in mainland China, with a lavish celebration Thursday featuring Communist Party leaders, a children’s choir, Sleeping Beauty and other Disney characters.