Investing.com - U.S. stocks opened moderately lower on Thursday, after the release of positive U.S. jobless claims and personal spending data, while Wednesday's downbeat economic growth report continued to weigh.
During early U.S. trade, the Dow 30 slipped 0.15%, the S&P 500 fell 0.25%, while the NASDAQ Composite edged down 0.18%.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending June 21 declined by 2,000 to 312,000 from the previous week’s revised total of 314,000.
Analysts had expected jobless claims to fall by 4,000 to 310,000 last week.
A separate report showed that U.S. personal spending rose 0.2% last month, below expectations for an increase of 0.4%. Personal spending for April was revised to a flat reading from a previously reported decline of 0.1%.
The data came a day after the Commerce Department said U.S. gross domestic product contracted at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.
General Motors (NYSE:GM) declined 0.62% following reports the automaker may need to fix its top-selling Chevrolet Cruze for a new type of air-bag problem.
The news came as the company has already recalled a record number of vehicles in the U.S. this year due to defaults linked to at least 13 deaths.
Philip Morris International (NYSE:PM) added to losses, down 2.71%, as the tobacco company lowered its annual earnings projection.
CBS Corporation (NYSE:CBS) saw shares drop 0.50% after rallying over 6% on Wednesday when the Supreme Court ruled in favor of the network and three others, including NBC, CNBC's parent, saying TV startup Aereo had violated copyright law.
Elsewhere, Bristol-Myers Squibb (NYSE:BMY) shares rose 0.22% after the drugmaker halted a late-stage trial of an experimental skin cancer drug after patients showed "superior overall survival."
Winnebago (NYSE:WGO) was also on the upside, surging 2.31%, after the motor-home maker reported its strongest quarterly revenue since 2005.
Other stocks likely to be in focus included Nike (NYSE:NKE), scheduled to release quarterly earnings later in the day.
Across the Atlantic, European stock markets were steady. The DJ Euro Stoxx 50 eased 0.09%, France’s CAC 40 edged up 0.07%, Germany's DAX slipped 0.09%, while Britain's FTSE 100 inched 0.07% lower.
During the Asian trading session, Hong Kong's Hang Seng jumped 1.45%, while Japan’s Nikkei 225 rose 0.27%.