Stocks Opened Lower after Economic Data

Stocks opened lower on Thursday as data on employment extended an upbeat streak but other measures of economic health came in slightly weaker than expected. The Dow Jones Industrial Average lately declined 76.21 points, or 0.35%, to 21,948.66. The S&P 500 fell 6.60 points, or 0.27%, to 2,461.51. The Nasdaq Composite shed 20.06 points, or 0.32%, to 6,325.05.

Oil futures struggled for direction on Thursday, a day after heavy selling that came on the back of data showing U.S. oil production has jumped to an over two-year high. Light sweet crude futures for delivery in September slipped 14 cents, or 0.3%, to $46.64 a barrel. October Brent crude fell 6 cents, or 0.1%, to $50.21.

The number of Americans who sought unemployment benefits in mid-August fell to the lowest level in six months, mirroring the strongest U.S. labor market in almost two decades. Initial jobless claims in the period running from Aug. 6 to Aug. 12 declined by 12,000 to 232,000, the Labor Department said Thursday.

Walmart’s (WMT) second-quarter results beat expectations, but third-quarter guidance was a bit tepid. During the period, Walmart earned $1.08 per share on $123.36 billion in net sales. US comparable store sales climbed 1.8%.

Alibaba, China’s top e-commerce firm, beat analyst estimates with a 56 percent rise in first-quarter revenue, driven by strong online sales. Sales on the company’s e-commerce platforms made up 86 percent of revenue in the three months to June 30, up from 73 percent a year prior. Alibaba’s revenue rose to 50.1 billion yuan ($7.51 billion)for the three months ended June 30.