US stocks open lower on weak data

Most of the US stock indices fell on Thursday, after posting the largest daily loss since June 11 yesterday, weighed down today by weak economic data.

Data showed today that the US unemployment claims fell by 60,000 to 1.480 million during the past week, which is lower than forecasts of 1.3 million, and the US GDP shrank 5% in the first quarter of 2020, while the previous reading showed growth by 2.1% in Q4 2019.

Warnings about the surge of coronavirus infections in the US and other countries continued today, which raised fears about a second wave of the deadly virus.

As for stocks, Dow Jones fell 0.2% or 54 points to 25,519 as of 14:00 GMT, Nasdaq slipped less than 0.1% or 6 points to 9,903, and S&P 500 held at 3,053.