Stocks Opened Lower after Economic Data

U.S. stocks opened lower on Thursday after data showed weekly jobless claims rose more than expected and the third-quarter GDP growth may slow due to the impact of Hurricanes Harvey and Irma. The Dow Jones Industrial Average lately fell 16.85 points, or 0.08%, to 22,323.86. The S&P 500 was down 1.42 point, or 0.06%, to 2,505.62. The Nasdaq Composite declined 21.03 points, or 0.33%, to 6,432.23.

Oil futures traded higher Thursday, building on gains scored in the previous session after a decline in U.S. inventories. West Texas Intermediate crude for November delivery rose 51 cents, or 1%, to $52.65 a barrel. Brent crude rose 35 cents, or 0.6%, to $57.92 a barrel.

The U.S. economy grew a bit faster than previously estimated in the second quarter, recording its quickest pace in more than two years, but the momentum probably slowed in the third quarter as Hurricanes Harvey and Irma temporarily curbed activity. Gross domestic product increased at a 3.1 percent annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday.

Separately, a Labor Department report showed initial claims for state unemployment benefits increased 12,000 to 272,000 for the week ended Sept. 23. Economists polled by Reuters had forecast claims rising to 270,000 in the latest week.