Stocks Opened Mostly Lower, Eyed on Earnings and Data

U.S. stocks opened mostly lower on Thursday, as investors kept an eye on corporate earnings and economic data. The Dow Jones Industrial Average lately fell 38.66 points,021%, to 5,090.93.

The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting a three-month low. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 253,000 for the week ended July 16, the lowest reading since April, the Labor Department said on Thursday.

A separate report on Thursday showed factory activity in the mid-Atlantic region contracted this month, a surge in new orders and shipments suggested the worst of the manufacturing downturn was probably over. The Philadelphia Federal Reserve said its business index fell to a reading of -2.9 this month from 4.7 in June.

General Motors’ second-quarter profit more than doubled to a post-bankruptcy record $2.87 billion on a strong performance in the U.S. It earned $1.81 per share from April through June. Excluding special items, it made $1.86. Revenue rose 11 percent to $42.4 billion.

Kinder Morgan Inc. (KMI) reported second-quarter 2016 results after markets closed Wednesday. The midstream giant posted earnings per Class P share (EPS) of $0.15 per share on revenues of $3.14 billion. The company said it would pay a $0.125 quarterly dividend for the quarter and expects its full-year dividend to total $0.50.

Domino’s Pizza Inc. (DPZ) on Thursday reported second-quarter earnings of $49.3 million. On a per-share basis, the Ann Arbor, Michigan-based company said it had net income of 98 cents. The results topped Wall Street expectations.

Union Pacific Corp on Thursday reported a lower quarterly net profit that was hurt by falling freight volumes. The company said overall freight revenue fell 13 percent in the second quarter, compared with a year earlier, led by a 27 percent decline in coal revenue.