Stocks Opended Lower amid Economic Data

U.S. stocks opened lower on Thursday, as investors digested a slew of new economic data reports, including new weekly jobless claims. The Dow Jones Industrial Average lately fell 187.73 points, or 0.74%, to 25,258.21. The S&P 500 declined 19.60 points, or 0.64%, to 3,030.73. The Nasdaq Composite declined 67.47 points, or 0.68%, to 9,841.69.

Oil prices headed lower Thursday, as worries about accelerating cases of the coronavirus epidemic in parts of the world took a toll on expectations for demand for crude. West Texas Intermediate crude for August was off 60 cents, or 1.6%, at $37.41 a barrel. Brent oil for August delivery declined 45 cents, or 1.1%, to reach $40.08 a barrel.

The U.S. Labor Department reported another 1.48 million Americans filed for unemployment benefits in the week ending June 20, exceeding economists’ expectations for 1.32 million.

Orders for durable goods, or products intended to last three years or more, rose by a greater than expected margin in May, according to the Census Bureau’s preliminary monthly report. These orders rose 15.8% in May versus a 10.5% increase expected.

The U.S. trade deficit in goods widened 5.1% in May as exports fell sharply, according to the Commerce Department’s advanced estimate released Thursday. The gap in goods widened to $74.3 billion in May from a revised $70.7 billion in the prior month.

The pace of contraction in the economy was left at 5% in the first quarter in the final estimate from the Commerce Department on Thursday.