Stocks Opened Lower as US Retail Sales Plunged

U.S. stocks opened lower on Friday after data showed U.S. April retail sales plunged more than expected. The Dow Jones Industrial Average lately fell 123.66 points, or 0.52%, to 23,501.68. The S&P 500 declined 20.51 points, or 0.72%, to 2,831.99. The Nasdaq Composite retreated 88.64 points, or 0.99%, to 8,855.08.

Oil futures rose Friday, as investors turn their attention toward production cuts by major oil producers and demand shows early signs of recovery with business lockdowns globally beginning to be lifted. West Texas Intermediate crude for July delivery was up 41 cents, or 1.5%, at $28.29 a barrel. July Brent crude was up 68 cents, or 2.2%, at $31.81 a barrel.

U.S. retail sales dropped by a record 16.4% in April amid the coronavirus pandemic, the Commerce Department said in its Friday report, or worse than the 12.0% decline expected.