Stocks Opened Lower on Trade Tensions

U.S. stocks opened lower on Thursday, as signs of heightened tensions between the U.S. and China outweighed a batch of corporate results that have largely come in ahead of expectations. The Dow Jones Industrial Average lately fell 140.64 points, or 0.56%, to 25,193.18. The S&P 500 was down 10.68 points, or 0.46%, to 2,800.48. The Nasdaq Composite dropped 12.99 points, or 0.17%, to 7,694.29.

Oil prices dropped Thursday, extending losses that came in the wake of fresh U.S. government data showing mounting petroleum stockpiles. Brent crude was down 0.6% at $71.94 a barrel. West Texas Intermediate futures were trading down 0.9% at $67.05 a barrel.

The number of Americans filing for unemployment benefits rose less than expected last week, pointing to sustained strength in the labor market despite trade tensions. Initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 218,000 for the week ended July 28, the Labor Department said on Thursday.

Cisco Systems Inc said on Thursday it would buy Duo Security, a venture capital-backed cyber security company, for $2.35 billion in cash, as it seeks to expand its offerings in cloud computing.