U.S. Stocks Open Lower; Snap Tumbles Following Results

U.S. stocks opened modestly lower on Thursday, continuing a trend of tight trading ranges as the main equity benchmarks hover around record levels. The Dow Jones Industrial Average fell 42 points, 0.2%, to 20,904. The S&P 500 lost 6 points, or 0.3%, to 2,393. The Nasdaq Composite Index shed 19 points to 6,110, a decline of 0.3%. In the latest economic data, jobless claims fell by 2,000 in the latest week, while continuing claims dropped to their lowest level since November 1988. Among the most active stocks of the day was Snap Inc. which tumbled 23% a day after reporting a multibillion-dollar loss in its first quarter as a public company. Tech was among the weakest sectors of the day, down 0.4%. The only industry to rise was energy, which was up 0.3%.

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