Investing.com - U.S. stocks were lower on Thursday, despite better-than-expected U.S. jobless claims data as downbeat growth perspectives in China and the euro zone continued to dominate market sentiment.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.31%, the S&P 500 index fell 0.46%, while the Nasdaq Composite index declined 0.11%.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending March 17 fell to a seasonally adjusted 348,000, the lowest level since February 2008, beating expectations for a decline to 350,000.
Sentiment remained under pressure however after preliminary data showed that manufacturing activity in the euro zone slumped unexpectedly in March, remaining in contraction territory for the eighth consecutive month.
Service sector activity in the euro zone declined to the lowest level in four months in March.
The data came after a report showing that Chinese manufacturing activity contracted for a fifth consecutive month, underlining concerns over a possible slowdown in growth in the world’s second largest economy.
Energy stocks were broadly lower following the weak data and after France said industrialized nations are considering a release from strategic stockpiles. Shares in Chevron tumbled 1.96% and Exxon Mobil declined 0.35%
Copper producer Freeport-McMoRan also lost 2.66% amid concerns that a manufacturing contraction in China will erode demand for the base metal, while Alcoa, the biggest maker of aluminum in the U.S., tumbled 1.63%.
In earnings, FedEx slipped shares 0.10% even after the economic bellwether topped earnings estimates, thanks to a record holiday season.
Lululemon Athletica also slumped 0.43% as the yoga-apparel retailer posted better-than-expected results, but handed in disappointing first-quarter and full-year earnings outlooks.
On the upside, Dollar General jumped 4.34% after the retailer beat results and added it expects its upward momentum to continue throughout the year.
Other stocks in focus included McDonald’s after CEO Jim Skinner announced that he will retire on June 30.
In addition, Nike and Accenture were slated to post earnings after-the-bell.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 plummeted 1.37%, France’s CAC 40 plunged 1.40%, Germany's DAX tumbled 1.27%, while Britain's FTSE 100 dropped 0.55%.
During the Asian trading session, Hong Kong's Hang Seng Index edged up 0.2%, while Japan’s Nikkei 225 Index rose 0.4%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to speak.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.31%, the S&P 500 index fell 0.46%, while the Nasdaq Composite index declined 0.11%.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending March 17 fell to a seasonally adjusted 348,000, the lowest level since February 2008, beating expectations for a decline to 350,000.
Sentiment remained under pressure however after preliminary data showed that manufacturing activity in the euro zone slumped unexpectedly in March, remaining in contraction territory for the eighth consecutive month.
Service sector activity in the euro zone declined to the lowest level in four months in March.
The data came after a report showing that Chinese manufacturing activity contracted for a fifth consecutive month, underlining concerns over a possible slowdown in growth in the world’s second largest economy.
Energy stocks were broadly lower following the weak data and after France said industrialized nations are considering a release from strategic stockpiles. Shares in Chevron tumbled 1.96% and Exxon Mobil declined 0.35%
Copper producer Freeport-McMoRan also lost 2.66% amid concerns that a manufacturing contraction in China will erode demand for the base metal, while Alcoa, the biggest maker of aluminum in the U.S., tumbled 1.63%.
In earnings, FedEx slipped shares 0.10% even after the economic bellwether topped earnings estimates, thanks to a record holiday season.
Lululemon Athletica also slumped 0.43% as the yoga-apparel retailer posted better-than-expected results, but handed in disappointing first-quarter and full-year earnings outlooks.
On the upside, Dollar General jumped 4.34% after the retailer beat results and added it expects its upward momentum to continue throughout the year.
Other stocks in focus included McDonald’s after CEO Jim Skinner announced that he will retire on June 30.
In addition, Nike and Accenture were slated to post earnings after-the-bell.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 plummeted 1.37%, France’s CAC 40 plunged 1.40%, Germany's DAX tumbled 1.27%, while Britain's FTSE 100 dropped 0.55%.
During the Asian trading session, Hong Kong's Hang Seng Index edged up 0.2%, while Japan’s Nikkei 225 Index rose 0.4%.
Later in the day, Federal Reserve Chairman Ben Bernanke was to speak.