Stocks Opened Mixed and Turned Negative

U.S. stocks opened mixed and turned negative on Thursday, with the S&P 500 and Dow industrial Average lifted by a rally in financials and weakness in technology shares weighed on the Nasdaq Composite. The Dow Jones Industrial Average lately fell 9.79 points, or 0.05%, to 21,444.82. The S&P 500 was down 5.66 points, or 0.23%, to 2,435.03. The Nasdaq Composite declined 49.60 points, or 0.80%, to 6,184.82.

Crude-oil prices aimed for a sixth-straight gain on Thursday after a U.S. report revealed a sizable weekly decline in domestic crude production though paired with an unexpected rise in supplies. August West Texas Intermediate crude added 36 cents, or 0.8%, to $45.10 a barrel. Brent oil for August delivery rose 30 cents, or 0.6%, to $47.61 a barrel.

The U.S. economy slowed less sharply in the first quarter than initially estimated due to unexpectedly higher consumer spending and a jump in exports, beating expectations and providing a slightly more encouraging outlook for growth this year. Gross domestic product increased at a 1.4 percent annual rate instead of the 1.2 percent pace reported last month, the Commerce Department said in its final assessment for the period on Thursday.

As part of the new deal, Walgreens will pay $5.175 billion to Rite Aid in cash and receive 2,186 stores in return. Walgreens will also pay Rite Aid a $325 million termination fee for the cancelation of the deal.

Samsung Electronics Co Ltd said it will open its first U.S. appliances plant in more than three decades, a politically pleasing investment ahead of South Korean leader Moon Jae-in’s two-day summit with U.S. President Donald Trump.