Markets 0pen Lower After Weak Economic Data

Markets opened lower on Wall Street on Thursday after data showed retail sales rose less than expected and weekly initial jobless claims increased.

The Dow Jones industrial average fell 0.14 percent and the Standard & Poor's 500-stock index was down 0.16 percent. The Nasdaq composite dropped 0.31 percent.

The Commerce Department said retail sales gained 0.3 percent last month. While that was below economists' expectations for a 0.6 percent rise, April's retail sales were revised to show a 0.5 percent increase.

In a separate report, the Labor Department said initial claims for state unemployment benefits had climbed 4,000 to a seasonally adjusted 317,000 for the week ended June 7.

The S.&P. has fallen for two straight days, while the Dow snapped a four-day streak of records on Wednesday. However, the market's uptrend is still seen as continuing, and the benchmark S.&P. remains less than 0.4 percent away from its record close.

Low volume and low volatility have marked recent sessions, with indexes trading in a tight range and an absence of major trading events.

The CBOE Volatility Index had its biggest one-day advance since mid-May on Wednesday, rising to 11.6, though it remains well below its historical average of 20.

In company news, Geron jumped 26.7 percent on heavy volume after the Food and Drug Administration lifted a partial clinical hold on a study testing its blood cancer drug.

Lululemon Athletica fell 13.5 percent after the athletic apparel retailer cut its full-year earnings and revenue outlook.

Intel lost its challenge of a record $1.44 billion European Union fine handed down five years ago, as Europe's second-highest court said regulators did not act too harshly. Shares of the Dow component were up 0.16 percent.

Chip-makers will be in focus on Thursday, a day after the PHLX semiconductor index closed out its 15th straight daily advance, the longest stretch of gains since the index was created about 20 years ago. It is up 7.8 percent during the recent streak.

Twitter rose 1.6 percent. Late Wednesday, the technology news site Re/code reported that the social networking company was considering a shake-up of its top management, including a possible shift in the duties of the chief operating officer, Ali Rowghani.

Global oil prices hit a three-month peak on Thursday on worries that escalating violence in Iraq may disrupt supply, while European and Asian shares retreated from highs reached this week after the World Bank cut its global growth forecast.

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