Stocks Opened Lower after Inflation, Jobless Claims Data

U.S. stocks opened lower on Thursday, after data showing a jump in inflation data and a smaller-than-expected rise in jobless claims. The Dow Jones Industrial Average lately gained 6.30 points, or 0.03%, to 22,164.48. The S&P 500 lost 4.86 points, or 0.19%, to 2,493.51. The Nasdaq Composite dropped 25.63 points, or 0.40%, to 6,434.56.

Oil futures advanced Thursday, leaving crude on pace to extend its win streak to four sessions as bulls remained cheered by expectations for stronger demand and efforts by major producers to maintain a cap on output. West Texas Intermediate oil for October delivery rose 61 cents, or 1.2%, to $49.91 a barrel. November Brent crude rose 42 cents, or 0.8%, to $55.58 a barrel.

U.S. consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation, signs of firming inflation that could allow further monetary policy tightening from the Federal Reserve this year. The Labor Department said its Consumer Price Index rose 0.4 percent last month after edging up 0.1 percent in July.

The number of Americans who sought unemployment benefits in early September declined. Initial jobless claims in the period running from Sept. 3 to Sept. 10 slipped to 284,000 from 298,000, the Labor Department said Thursday.