Stocks Opened Lower on Tepid Earnings

U.S. stocks opened lower on Thursday, weighed down by a string of lackluster earnings. The Dow Jones Industrial Average lately slipped 35.15 points, or 0.13%, to 26,114.24. The S&P 500 was down 2.61 points, or 0.09%, to 2,821.20. The Nasdaq Composite fell 11.90 points, or 0.16%, to 7,399.58.

Oil prices rose Thursday after an unexpected fall in U.S. gasoline stocks amid strong demand. March West Texas Intermediate crude rose 57 cents, or 0.9%, to $65.30 a barrel. April Brent rose 58 cents, or 0.8%, to $69.46 a barrel.

The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a tightening labor market and strengthening economy at the start of the year. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 230,000 for the week ended Jan. 27, the Labor Department said on Thursday.

Alibaba Group Holding Ltd (BABA) said on Thursday its third-quarter revenue jumped 56 percent, beating expectations as it shrugged off concerns about a wider market slowdown. Revenue for the October-December period rose to 83.03 billion yuan ($13.19 billion), up from 53.2 billion yuan a year earlier.

United Parcel Service Inc on Thursday reported a fourth-quarter net profit that was hurt by additional costs from surging shipping volumes during the peak holiday period. UPS posted fourth-quarter net income of $1.1 billion or $1.27 per share, compared with a year-earlier loss of $239 million, or 27 cents per share. Revenue increased to $18.83 billion in the quarter from $16.93 billion a year earlier.

U.S. health insurer Cigna Corp’s fourth-quarter profit beat analysts’ expectations on Thursday. Net income fell to $266 million, or $1.07 per share, in the fourth quarter ended Dec. 31, from $382 million, or $1.47 per share, a year earlier. Operating revenue increased 6 percent to $10.51 billion.