By Anora Mahmudova and Sara Sjolin, MarketWatch

Whole Foods Market plunges after earnings miss

U.S. stocks moved lower Thursday, erasing gains from the previous session after data showed the economiy picked up its pace in the second quarter, leaving the Federal Reserve on track to raise interest rates as soon as September.

Meanwhile, weekly jobless claims rose last week but remained near the lowest levels in decades.

The S&P 500 fell 13 points, or 0.6%, to 2,094, with nearly all 10 main sectors trading in negative territory. The Dow Jones Industrial Average dropped 105 points, or 0.6%, to 17,648. The Nasdaq Composite declined 35 points, or 0.7%, to 5,077.

Overall, data on gross domestic product was better than expected, considering the first-quarter number was revised upward. The GDP numbers are likely to influence the Federal Reserve's decision on the timing of the first rate hike, according to analysts.

"The US economy bounced back in the second quarter as expected and revisions show that it expanded in the first quarter..., said Joseph Lake, global economist at The Economist Intelligence Unit in emailed notes.

See: U.S. GDP report puts Fed on track for September rate hike (http://www.marketwatch.com/story/us-gdp-report-puts-fed-on-track-for-september-rate-hike-2015-07-30).

Confirmation of a "decent first half to the year for the U.S. economy means that the Fed is on track to lift the federal-funds rate in September," Lake said.

GDP data:The U.S. economy expanded (http://www.marketwatch.com/story/us-gdp-report-puts-fed-on-track-for-september-rate-hike-2015-07-30)at an annualized 2.3% rate in the second quarter, while first-quarter growth was revised up from negative 0.2% to 0.6%. Growth was led by consumer spending on big-ticket items such as new cars as well as home construction, the government said Thursday.

Meanwhile, the number of people who applied for U.S. unemployment benefits rose by 12,000 to 267,000 in week ended July 25, the government said Thursday.

Read:What the huge change to how GDP is calculated means for U.S. economy (http://www.marketwatch.com/story/here-comes-the-big-fix-to-gdp-what-it-says-about-the-us-economy-2015-07-29)

The Fed on Wednesday kept rates on hold as expected, but hinted strongly that it's ready to start tightening monetary policy in the fall (http://www.marketwatch.com/story/fed-will-raise-rates-in-september-2015-07-29), depending on improvement in incoming data.

The dollar rose on the expectations of a 2015 rate hike, and the ICE dollar index continued its ascent on Thursday (http://www.marketwatch.com/story/dollar-rises-against-yen-euro-after-fomc-2015-07-30-11033421) as well, rising 0.6% to 97.561.

Brad McMillan, chief investment officer at Commonwealth Financial Network sounded more sanguine about rate hikes.

"If the Fed begins normalizing rates, it means they are confident the economy is doing well. Given the fact they are still maintaining the balance sheet and reinvesting means that the policy is still very accommodative. They are not taking away the punch bowl yet, they are just not spiking it as much," McMillan said.

Earnings:Whole Foods Market Inc.(WFM) plunged 11% after the supermarket chain on Wednesday posted earnings that missed forecasts.

Colgate-Palmolive Co.(CL) shares dropped 1.8% after the consumer-products company reported earnings that matched forecasts (http://www.marketwatch.com/story/colgate-palmolive-profit-matches-estimates-sales-slightly-short-2015-07-30).

Another consumer-goods company Procter & Gamble Co. (PG) fell 3.3% after its fiscal fourth-quarter revenue slightly missed expectations (http://www.marketwatch.com/story/procter-gamble-beats-profit-expectations-but-provides-downbeat-outlook-2015-07-30).

Air Products & Chemicals Inc.(APD) surged 6% after it reported profit and revenue that beat Wall Street average estimates.

Shares of Facebook Inc.(FB) lost 2.7% after the social-media company late Wednesday reported a drop in second-quarter earnings (http://www.marketwatch.com/story/facebook-beats-profit-views-while-expenses-jump-2015-07-29-16485210).

U.S.-listed shares of Nokia Corp.(NOK) jumped 4.6% after the Finnish telecom-equipment company reported better-than-expected second-quarter profit (http://www.marketwatch.com/story/nokia-beats-expectations-on-higher-software-sales-2015-07-30-14854044).

U.S.-listed shares of Anheuser Busch InBev NV (ABI.BT) slumped 4.8% after the brewer said profit fell in the second quarter (http://www.marketwatch.com/story/ab-inbev-profit-falls-on-us-europe-weakness-2015-07-30), as weakness in the U.S. and Europe weighed on sales volume.

Shares of Synergy Pharmaceuticals Inc.(SGYP) soared 14% after the drug maker said test results were positive for its plecanatide treatment for patients with chronic idiopathic constipation.

Read more in today's Movers & Shakers column (http://www.marketwatch.com/story/time-warner-cable-conocophillips-mondelez-linkedin-earnings-in-focus-2015-07-29).

Other markets: Stock markets in Asia closed mixed (http://www.marketwatch.com/storyno-meta-for-guid), with the Shanghai Composite Index shaving off an earlier gain and ending 2.2% lower.

European stocks were mixed, with the Stoxx Europe 600 index inching higher on the back of a round of well-received earnings reports (http://www.marketwatch.com/storyno-meta-for-guid).

Gold (http://www.marketwatch.com/storyno-meta-for-guid) declined and traded near a 5 1/2 -year low, while crude-oil futures gave up earlier gains and inched lower.

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