Stocks Opened Slightly Lower amid U.S.-China Trade Uncertainty

U.S. stocks opened slightly lower on Thursday, as investors continued to contemplate U.S.-China trade deal prospects. The Dow Jones Industrial Average lately fell 48.42 points, or 0.17%, to 27,772.67. The S&P 500 was down 6.12 points, or 0.20%, to 3,102.34. The Nasdaq Composite declined 16.42 points, or 0.19%, to 8,510.31.

Oil traded higher Thursday, finding support from a report that the Organization of the Petroleum Exporting Countries and its allies are likely to extend production cuts as well as renewed optimism around U.S.-China trade talks.

Chinese officials invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to come to China for in-person trade discussions, the Wall Street Journal reported Thursday. West Texas Intermediate crude for January delivery rose 40 cents, or 0.7%, to $57.41 a barrel, while January Brent crude was up 21 cents, or 0.3%, at $62.61 a barrel.

Macy’s Inc.(M) missed sales estimates for the third quarter and lowered guidance for the full year. It had net income of $2 million, or 1 cent a share, in the quarter, down sharply from $62 million, or 20 cents a share, in the year-earlier period. Adjusted per-share earnings came to 7 cents. Sales fell to $5.173 billion from $5.404 billion.

BJ’s Wholesale Club Holdings Inc.(BJ) reported a fiscal third-quarter profit that beat expectations, but revenue and same-store sales that missed, and lowered its full-year outlook. Net income for the quarter to Nov. 3 rose to $55.1 million, or 40 cents a share, from $54.4 million, or 39 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to 41 cents from 39 cents. Total revenue increased 0.2% to $3.23 billion.