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1st LD Writethru: U.S. stocks end lower amid data, earnings

Xinhua, August 7, 2015 Adjust font size:

U.S. stocks suffered big losses Thursday as investors digested initial jobless claims and corporate earnings reports ahead of Friday's closely-watched nonfarm payrolls report.

The Dow Jones Industrial Average fell 120.72 points, or 0.69 percent, to 17,419.75. The S&P 500 shed 16.28 points, or 0.78 percent, to 2,083.56. The Nasdaq Composite Index tumbled 83.50 points, or 1.62 percent, to 5,056.44.

In the week ending Aug. 1, the advance figure for seasonally adjusted initial jobless claims was 270,000, an increase of 3,000 from the previous week's unrevised level and slightly below market consensus, the U.S. Labor Department reported Thursday.

The four-week moving average was 268,250, a decrease of 6,500 from the previous week's unrevised average of 274,750.

Investors will also keep a close eye on Friday's nonfarm payrolls report for any further clues on the Federal Reserve's first rate hike in almost nine years.

In corporate news, Tesla Motors Inc. slumped 8.88 percent to 246.13 dollars per share Thursday after the company reduced its full-year vehicle delivery outlook.

The electric carmaker said it expects to deliver between 50,000 and 55,000 vehicles in 2015, lower than the 55,000 vehicle it previously forecast.

New York Times Co. dipped 2.96 percent to 12.80 dollars apiece Thursday after reporting quarterly earnings above forecasts and sales shy of consensus.

The Company announced adjusted diluted earnings per share from continuing operations of 0.13 dollar in the second quarter of 2015 compared with 0.07 dollar in second quarter 2014.

Latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the second quarter of 2015 are expected to increase 1.6 percent year on year, while the revenue is forecast to decline 3.4 percent.

A total of 434 companies in the S&P 500 have reported earnings for second quarter 2015 to date.

Overseas, European equities finished largely lower on Thursday as oil prices traded near their lowest levels since March, with British benchmark FTSE 100 Index down 0.08 percent.

In Asia, Chinese stocks continued to drop on Thursday as investors took a wait-and-see attitude, with the benchmark Shanghai Composite Index falling 0.89 percent. Endite