Investing.com - U.S. stocks opened lower on Thursday, as the release of positive U.S. data added to expectations for the Federal Reserve to continue tapering its stimulus program throughout 2014.
During early U.S. trade, the Dow Jones Industrial Average slid 0.36%, the S&P 500 fell 0.25%, while the Nasdaq Composite index edged down 0.16%.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 11 declined by 2,000 to 326,000 from the previous week’s revised total of 328,000. Analysts had expected U.S. jobless claims to hold steady last week.
A separate report showed that U.S. consumer prices rose by 0.3% last month, matching forecasts, after holding flat in November.
Core consumer prices, which exclude food and energy costs, inched up 0.1% last month, meeting estimates. Core consumer prices rose 0.2% in November.
The strong data reinforced expectations that the U.S. economic recovery will continue to deepen going into this year.
In earnings news, Goldman Sachs reported a 21% drop in quarterly profit, sending shares down 0.71%, while Citigroup posted a lower-than-expected quarterly profit and saw shares dive 3.16%.
Adding to losses, J.C. Penney plunged 6.28% following reports Chief Executive Officer Mike Ullman is planning to close 33 stores and eliminate about 2,000 jobs to help save USD65 million a year.
In the same sector, Wal-Mart Stores dropped 0.50% after the National Labor Relations Board said in a complaint that the company illegally retaliated against protesting U.S. workers. The complaint stemmed from job actions timed to the busy shopping day after the Thanksgiving holiday.
Amazon.com tumbled 1.32% as the majority of 27 technicians at one of the company's fulfillment centers in Middletown, Delaware, voted to reject an initiative to form a union under the auspices of the International Association of Machinists and Aerospace Workers.
On the upside, Hewlett-Packard rallied 2.91% as the tech company was expected to reveal later Thursday how it plans to fight shareholder claims it botched the Autonomy acquisition and will soon face demands that executives provide testimony, e-mails and documents.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 fell 0.29%, France’s CAC 40 edged down 0.19%, Germany's DAX eased 0.07%, while Britain's FTSE 100 dipped 0.01%.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.37%, while Japan’s Nikkei 225 Index shed 0.39%.
Later in the day, the U.S. was to publish data on manufacturing activity in Philadelphia.