Stocks Struggled at Open, Comey Testimony Eyed

U.S. stocks struggled for direction in early trading on Thursday, with investors awaiting testimony from former Federal Bureau of Investigation Director James Comey. The Dow Jones Industrial Average lately fell 10.02 points, or 0.05%, to 21,163.67. The S&P 500 was off -2.48 points, or 0.10%, to 2,430.66. The Nasdaq Composite was down 6.45 points, or 0.10%, to 6,290.93.

The number of Americans who sought unemployment benefits fell in early June and remained near the lowest level in decades. Initial jobless claims dropped by 10,000 to 245,000 in the seven days stretching from May 28 to June 3, the government said Thursday.

Global oil prices turned lower on Thursday, failing to hold on to slight gains on the heels of the sharpest daily fall since early March on an unexpected build up in U.S. crude inventories last week. Light, sweet crude futures for delivery in July lost 27 cents, or 0.6%, at $45.45 a barrel. August Brent crude was off 27 cents, or 0.6%, to $47.80 a barrel.

Alibaba Group Holding Ltd expects revenue growth of 45-49 percent in the 2018 fiscal year, said Chief Financial Officer Maggie Wu on Thursday during an investor conference in Hangzhou, China.

Valeant Pharmaceuticals International Inc. (VRX) said Thursday it has agreed to sell iNova Pharmaceuticals to a company owned by funds managed by private-equity firms Pacific Equity Partners and The Carlyle Group for $930 million in cash.