Stocks Opened Lower after Jobless Claims Data

U.S. stocks opened lower on Thursday, after data showed that new jobless claims declined by a smaller than expected. The Dow Jones Industrial Average lately shed 142.93 points, or 0.53%, to 26,727.17. The S&P 500 fell 19.64 points, or 0.61%, to 3,206.92. The Nasdaq Composite was down 88.99 points, or 0.84%, to 10,461.50.

Oil futures fell Thursday, taking a cue from a decline in global equities after holding their own a day earlier following a decision by the Organization of the Petroleum Exporting Countries and its allies to begin trimming production cuts next month. West Texas Intermediate crude for August delivery was down 37 cents, or 0.9%, at $40.83 a barrel, while September Brent crude was off 29 cents, or 0.7%, at $43.50 a barrel.

New jobless claims declined by a smaller than expected margin in the Labor Department’s new report Thursday. New applications for unemployment compensation, a rough gauge of layoffs, fell 10,000 in the seven days ended July 11 to 1.30 million from a revised 1.31 million in the prior week.