Stocks Opened Lower, Oil Prices Fell

U.S. stocks opened lower on Thursday, as fresh political turmoil stoked fears that President Donald Trump’s economic agenda was in jeopardy. The Dow Jones Industrial Average lately fell 36.22 points, or 0.18%, to 20,570.71. The S&P 500 was down 0.92 points, or 0.04%, to 2,356.11. The Nasdaq Composite gained 11.94 points, or 0.20%, to 6,023.17.

Oil prices fell on Thursday on signs that the market remained well supplied with crude despite efforts by OPEC and other big exporters to curb production and support prices. Brent crude fell 93 cents, or 1.8%, to $51.29 a barrel. West Texas Intermediate futures were trading down 85 cents, or 1.7%, to $48.22 a barrel.

Walmart (WMT) reported better-than-expected first quarter comparable-store sales and earnings. The company’s e-commerce sales jumped 63%, fueled by a 69% surge in gross merchandise volume. Earnings per share came in at $1.00, which was ahead of analysts’ expectations for $0.96. Net revenue of $117.5 billion, which was a hair below the $117.8 billion expected.

Cisco Systems Inc (CSCO) forecast current-quarter revenue that widely missed analysts’ estimates and said it would cut 1,100 more jobs, as the world’s largest networking gear maker steps up efforts to transform into a software-focused company.