Stocks Opened Lower after GDP Data

U.S. stocks opened modestly lower on Friday after a key measure of U.S. economic growth showed improvement, but also highlighted stubbornly low inflation. The Dow Jones Industrial Average lately fell 15.91 points, or 0.07%, to 21,780.64. The S&P 500 was off 5.05 points, or 0.20%, to 2,470.37. The Nasdaq Composite dropped 19.75 points, or 0.31%, to 6,362.43.

The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, but persistent sluggish wage gains cast a dark shadow over the growth outlook. Gross domestic product increased at a 2.6 percent annual rate in the April-June period, which included a boost from trade, the Commerce Department said in its advance estimate on Friday.

Oil futures edged slightly lower Friday as investors widely moved to the sidelines in commodities and equities after this week’s strength. Light, sweet crude futures for delivery in September were down 3 cents at $49.01 a barrel. But September Brent crude turned up 22 cents, or 0.4%, to $51.73 a barrel.

Imperial Oil Ltd reported a smaller second-quarter loss as Canada’s No.2 integrated oil producer and refiner benefited from a surge in oil prices. The company posted a net loss of C$77 million ($61.42 million), or 9 Canadian cents per share, in the quarter ended June 30, from C$181 million, or 21 Canadian cents, a year earlier. Revenue rose 12.6 percent to C$7.03 billion.