Investing.com - U.S. stock markets were mixed after the open on Thursday, as investors digested a mixed batch of economic data and assessed the outlook for corporate earnings.
During early U.S. trade, the Dow eased 0.1%, the S&P 500 fell 0.1%, while the NASDAQ inched up 0.2%.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits increased by 14,000 to a seasonally adjusted 344,000 last week. Analysts had expected jobless claims to fall by 11,000 to 319,000 last week.
At the same time, the Commerce Department reported that U.S. personal spending rose 0.9% in March, up from an upwardly revised 0.5% the previous month and ahead of expectations of 0.6%.
Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
The report also showed personal income rose 0.5%, beating expectations for a 0.4% increase and after gaining 0.4% in February.
Data released Wednesday showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year, well below forecasts for an expansion of 1.2%.
The Federal Reserve said Wednesday it would reduce its bond purchases by $10 billion to a total of $45 billion a month, in a widely expected decision.
The U.S. central bank acknowledged that first quarter growth was far weaker than expected, but added that momentum had started to pick up in recent weeks.
In earnings news, Yelp (NYSE:YELP) said its first quarter loss narrowed more than expected, sending its shares 7% higher.
T-Mobile jumped 8.3% as investors cheered the mobile phone carrier’s first quarter earnings results.
Mastercard (NYSE:MA) tacked on 3.7% after posting better-than-expected first quarter earnings and revenue.
Meanwhile, DirecTV (NASDAQ:DTV) saw shares soar 6% after AT&T (NYSE:T) approached the satellite TV firm about a possible acquisition.
On the downside, Exxon Mobil (NYSE:XOM) saw shares fall 0.4% after the oil giant reported lower than expected first quarter revenue.
Ford (NYSE:F) saw shares drop 0.7% after the automaker named Mark Fields as its new CEO, replacing Alan Mulally, who is retiring.
Across the Atlantic, European stock markets were modestly higher in subdued trade, with several bourses shut for the May 1 public holiday.
London’s FTSE 100 inched up 0.3%. The U.K. Index is the only major bourse open Thursday with markets in Germany, France and some other countries closed for May Day. All national benchmarks will reopen on Friday.
During the Asian trading session, Japan’s Nikkei 225 rallied 1.27%. Markets in Hong Kong, China and South Korea remained closed for the May 1 holiday.
Data released earlier showed that China’s official manufacturing purchasing managers’ index inched up to 50.4 in April, just below an expectation of 50.5, and higher than the 50.3 reported last month.