NEW YORK (AP) — U.S. stocks edged lower Thursday in early trading after a report showed that retail sales rose less than forecast in May. A separate report showed that more Americans filed for unemployment benefits last week. The price of oil surged amid renewed violence in Iraq.
KEEPING SCORE: The Dow Jones industrial average fell 32 points, or 0.2 percent, to 16,811. The Standard & Poor's 500 dropped four points, or 0.2 percent, to 1,940. The Nasdaq dropped 11 points, or 0.3 percent, to 4,321.
NEWS ON THE ECONOMY: U.S. retail sales rose for a fourth straight month in May, but the growth was slightly below economists' forecasts. The Commerce Department said consumer spending rose 0.3 percent last month, helped by a surge in auto demand, but shy of the 0.4 percent increase that economists expected.
The Labor Department said that weekly applications for unemployment benefits rose 4,000 to a seasonally adjusted 317,000.
NO-GO YOGA: Lululemon Athletica fell $5.92, or 13 percent, to $38.38 after reporting first-quarter profit tumbled 60 percent, stung by a one-time tax adjustment. The Canadian yoga-clothing company also lowered its full-year earnings forecast.
RESTORATION RISE: Restoration Hardware jumped $9.55, or 13 percent, to $80.90 after the furniture and housewares company reported stronger-than-expected results in its fiscal first quarter and raised its outlook for the year, topping Wall Street's prediction.
POWER SURGE: Energy stocks rose broadly, and were the only sector in the S&P 500 moving higher in morning trading. Exxon Mobil climbed 71 cents, or 0.8 percent, to $102.66. An insurgency in Iraq raised the risk of disruption to global supplies. That pushed up the price of oil by $1.64, or 1.6 percent, to $106.04.
BONDS: The yield on the 10-year Treasury note, which moves in the opposite direction to its price, slipped to 2.63 percent from 2.64 percent on Wednesday.
