Stocks Opened Lower on renewed Trade war Concerns

U.S. stocks slipped at the open on Thursday as the return of trade war concerns weighed on investors’ minds. The Dow Jones Industrial Average lately fell 138.87 points, or 0.56%, to 24,528.91. The S&P 500 was down 7.21 points, or 0.26%, to 2,716.80. The Nasdaq Composite was up 12.05 points, or 0.17%, to 7,474.50.

Oil futures edged lower Thursday, as traders awaited weekly U.S. inventory data as well as further clues to the intentions of major oil producers on a potential easing of output curbs. West Texas Intermediate crude for July delivery fell 53 cents, or 0.8%, to $67.68 a barrel. Brent crude was off 21 cents, or 0.3%, at $77.29 a barrel.

U.S. consumer spending rose in April by the most in five months and inflation held at the Federal Reserve’s target, adding to signs of solid economic growth that support the central bank’s plan for gradual interest-rate hikes. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 0.6 percent last month, the biggest gain in five months, the Commerce Department said.

Other data on Thursday showed a bigger-than-expected drop in the number of Americans filing applications for unemployment benefits last week. The Labor Department said initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 221,000 for the week ended May 26.