Investing.com – U.S. stocks posted modest losses after the open on Thursday, as concerns over escalating violence in Egypt overshadowed better-than-expected U.S. data on initial jobless claims and as investors digested a slew of mixed earnings reports.
During early U.S. trade, the Dow Jones Industrial Average was down 0.11%, the S&P 500 index shed 0.09%, while the Nasdaq Composite index dipped 0.08%.
Violence escalated in Egypt as supporters of Egyptian President Hosni Mubarak clashed with anti-government protesters demanding an immediate end to the 30-year reign of the president.
Meanwhile, U.S. Department of Labor said earlier in the day that the number of people who filed for unemployment assistance in the U.S. last week fell more-than-expected, falling to a seasonally adjusted 415K, more than the expected decrease to 425K.
In earnings news, shares in pharmaceutical giant Merck & Co. dropped 3.28% after it reported that it swung to a fourth quarter loss of USD531 million, as accounting and merger-related charges weighed on results.
U.S. listed shares of oil giant Royal Dutch Shell tumbled 3.76% after it said that earnings in the fourth quarter totaled USD4.08 billion, falling short of market expectations for earnings of USD4.73 billion.
However, the largest U.S. chemicals company Dow Chemical saw shares gain 0.71% after it said that fourth quarter profit jumped by 66% to USD511 million, compared to USD172 million a year earlier. Revenue in the quarter rose by 10% to USD13.77 billion, beating expectations for revenue of USD12.48 billion.
Meanwhile, shares in the world’s second largest credit card issuer MasterCard climbed 0.81% after it reported fourth quarter net income of USD415 million, up 41% from a year earlier. The credit card firm said net revenue climbed 10.7% to USD1.4 billion, broadly in line with market expectations.
The world’s largest cereal maker Kellogg saw shares jump 1.47% after it reported a fourth quarter profit of USD189 million, up nearly 7% from a year earlier.
Also Thursday, shares in the third largest U.S. wholesale chain BJ’s Wholesale Club surged 13.04% after it said it hired Morgan Stanley as an advisor to help it explore its options, including a sale of the company.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 dropped 0.66%, France’s CAC 40 tumbled 1.03%, Germany's DAX climbed 0.04%, while Britain's FTSE 100 slumped 0.31%.
Earlier Thursday, official preliminary data showed that non-farm productivity rose more-than-expected in the fourth quarter, while unit labor costs declined unexpectedly.
Later in the day, the U.S. Institute of Supply Management was to publish its non-manufacturing PMI while the Chairman of the Federal Reserve, Ben Bernanke, was to speak at a public engagement.
During early U.S. trade, the Dow Jones Industrial Average was down 0.11%, the S&P 500 index shed 0.09%, while the Nasdaq Composite index dipped 0.08%.
Violence escalated in Egypt as supporters of Egyptian President Hosni Mubarak clashed with anti-government protesters demanding an immediate end to the 30-year reign of the president.
Meanwhile, U.S. Department of Labor said earlier in the day that the number of people who filed for unemployment assistance in the U.S. last week fell more-than-expected, falling to a seasonally adjusted 415K, more than the expected decrease to 425K.
In earnings news, shares in pharmaceutical giant Merck & Co. dropped 3.28% after it reported that it swung to a fourth quarter loss of USD531 million, as accounting and merger-related charges weighed on results.
U.S. listed shares of oil giant Royal Dutch Shell tumbled 3.76% after it said that earnings in the fourth quarter totaled USD4.08 billion, falling short of market expectations for earnings of USD4.73 billion.
However, the largest U.S. chemicals company Dow Chemical saw shares gain 0.71% after it said that fourth quarter profit jumped by 66% to USD511 million, compared to USD172 million a year earlier. Revenue in the quarter rose by 10% to USD13.77 billion, beating expectations for revenue of USD12.48 billion.
Meanwhile, shares in the world’s second largest credit card issuer MasterCard climbed 0.81% after it reported fourth quarter net income of USD415 million, up 41% from a year earlier. The credit card firm said net revenue climbed 10.7% to USD1.4 billion, broadly in line with market expectations.
The world’s largest cereal maker Kellogg saw shares jump 1.47% after it reported a fourth quarter profit of USD189 million, up nearly 7% from a year earlier.
Also Thursday, shares in the third largest U.S. wholesale chain BJ’s Wholesale Club surged 13.04% after it said it hired Morgan Stanley as an advisor to help it explore its options, including a sale of the company.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 dropped 0.66%, France’s CAC 40 tumbled 1.03%, Germany's DAX climbed 0.04%, while Britain's FTSE 100 slumped 0.31%.
Earlier Thursday, official preliminary data showed that non-farm productivity rose more-than-expected in the fourth quarter, while unit labor costs declined unexpectedly.
Later in the day, the U.S. Institute of Supply Management was to publish its non-manufacturing PMI while the Chairman of the Federal Reserve, Ben Bernanke, was to speak at a public engagement.