By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks got off to a shaky start
on Thursday as the main benchmarks switched between small gains and
losses as investors weighed upbeat earnings against
weaker-than-expected home sales data.
Ahead of the opening bell, weekly jobless claims came in far
better than expected, as the number of people claiming benefits
fell to the lowest level since February 2006, but June's pace of
new-home sales hit three-month low.
The S&P 500 (SPX) was flat at 1,987.89, after setting a
fresh intraday record. The Dow Jones Industrial Average (DJI) added
6 points to 17,092.54. The Nasdaq Composite (RIXF) dipped 3 points,
or 0.1%, to 4,469.66.
Follow MarketWatch's live blog of today's stock-market
action.
Investors processed a deluge of corporate earnings ahead of the
bell.
Ford(F) shares rose 1.5% after the car maker beat earnings
expectations.
General Motors Co. (GM.XX) profit sank 80% as the auto maker was
hit by recalls. Adjusted earnings matched analyst expectations.
Shares were 2.8% lower in premarket.
Among the decliners, Shares of TripAdvisor Inc. (TRIP) sank 11%
and Angie's List Inc. (ANGI) tumbled 22% after those companies
separately reported late Wednesday.
Among the early reporters Caterpillar Inc. (CAT) shares dropped
3.3% after the maker of manufacturing equipment said sales fell
short of expectations in the second quarter, but the company raised
its earnings outlook again.
Shares of Facebook(FB) jumped 5.6% action after profit and sales
beat expectations.
For more on Thursday's notable movers, read our Mover &
Shakers column.
In economic news, sales of new single-family homes fell by more
than expected in June to the slowest pace in three months, with
drops across the country, according to government data released
Thursday.
The number of unemployed workers applying for jobless benefits
tumbled in the most recent weekly data to the lowest level in more
than eight years, signaling that employers are letting go of very
few workers.
Outside of a loss for the Nikkei 225 index , Asian stocks rose
across the board Thursday with a 1.2% gain for the China Shanghai
Composite , after a preliminary reading of Chinese manufacturing
data from HSBC hit an 18-month high. European stocks gained across
the board amid a big earnings day there.
Crude-oil (CLU4) edged lower along with gold prices (GCQ4),
while the dollar (DXY) steadied.
More must-reads from MarketWatch:
Why the S&P rally is nothing to get freaked out about, in
one graph
EU set to ban trading in Russian stocks: FT
Goldman's 'golden cross' appears at the perfect time
Subscribe to WSJ: http://online.wsj.com?mod=djnwires