Stocks open lower after lackluster data
The stock market is opening slightly lower after some ho-hum data on the U.S. economy.
The Dow Jones industrial average fell 23 points, or 0.2 percent, to 16,820 in early trading Thursday. Government reports showed that retail sales rose less than forecast in May and that more Americans filed for unemployment benefits last week.
The Standard & Poor’s 500 index slipped four points, or 0.2 percent, to 1,939. The Nasdaq dropped 16 points, or 0.4 percent, to 4,315.
Consumer spending rose 0.3 percent last month, shy of the 0.4 percent increase expected. Weekly applications for unemployment benefits rose 4,000.
Lululemon Athletica fell 14 percent. The Canadian yoga clothing company said its first-quarter profit tumbled 60 percent, stung by a one-time tax adjustment. It also lowered its full-year earnings forecast.