Stocks Opened Flat after Mixed Economic Data

U.S. stocks opened flat and turned negative on Thursday after mixed economic data. The Dow Jones Industrial Average lately fell 68.38 points, 0.37%, to 18,403.79. The S&P 500 was off 4.58 point, or 0.21%, to 2,162.00. The Nasdaq Composite was down 3.98 points, or 0.08%, to 5,135.83.

The nation’s trade gap widened in June to $63.3 billion, as imports rose faster than exports. Meanwhile, while wholesale inventories were unchanged and retail inventories inched higher.

The number of Americans filing for unemployment benefits rose more than expected last week, but the underlying trend continued to point to sustained labor market strength. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 266,000 for the week ended July 23, the Labor Department said on Thursda

Dow Chemical Co’s quarterly profit nearly tripled, helped by a gain related to the restructuring of the Dow Corning joint venture. Net income attributable to shareholders rose to $3.12 billion, or $2.61 per share, in the second quarter ended June 30 from $1.14 billion, or 97 cents per share, a year earlier. Sales fell 7.4 percent to $11.95 billion.

MasterCard Inc. said profit and revenue grew in the second quarter which topped expectations. MasterCard reported a profit of $983 million, or 89 cents a share, up from $921 million, or 81 cents, a year prior. Revenue rose 13% to $2.69 billion.

Oracle (ORCL) said Thursday that it has agreed to acquire NetSuite N, +9.12% a cloud company, in a deal valued at $9.3 billion. Oracle is paying $109 a share.

Alcoa Inc. plans to cut the number of its publicly traded shares with a 1-for-3 reverse stock split, as the aluminum maker prepares to split into two companies. The company said in a prepared statement that it was making the move in hopes of increasing its stock price.