Stocks Opened Lower, Dow Dropped over 300 Points

U.S. stocks opened lower on Thursday as trade tensions between the U.S. and China appeared intensified. The Dow Jones Industrial Average lately retreated 313.62 points, or 1.21%, to 25,653.71. The S&P 500 fell 34.97 points, or 1.21%, to 2,844.45. The Nasdaq Composite slid 120.66 points, or 1.52%, to 7,822.66.

U.S.-based crude-oil prices slipped Thursday, as an escalating Sino-American trade spat and its potential to dent energy demand, more than offset a price-supportive surprise decline in U.S. inventories. West Texas Intermediate crude for June delivery fell 19 cents, or less than 0.1%, to $62.08 a barrel. July Brent crude was up 5 cents, or 0.1%, to $70.45 a barrel.

Chevron Corp abandoned its pursuit of Anadarko Petroleum Corp on Thursday, outmanoeuvred by a higher rival bid of $38 billion (29 billion pounds) that included more than three times as much cash.