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U.S. stocks open lower as oil retreats

Xinhua, June 10, 2016 Adjust font size:

U.S. stocks opened lower on Friday, as further declines in oil prices continued to weigh on Wall Street.

Oil prices extended losses to trade more than 1.5 percent lower on Friday, as traders took profits after a recent winning streak.

U.S. oil settled above 51 U.S. dollars a barrel earlier this week for the first time since July 2015, helped by a larger-than-expected U.S. crude stockpile draw.

On the economic front, the consumer sentiment index published by Thomson Reuters/University of Michigan is scheduled for release later Friday.

"University of Michigan sentiment is expected to have cooled a bit after jumping in the preliminary survey. The Bloomberg consensus forecast is for a drop from 94.7 to 94.0," said Chris Low, chief economist at FTN Financial, in a note.

Shortly after the opening bell, the Dow Jones Industrial Average lost 95.78 points, or 0.53 percent, to 17,889.41. The S&P 500 shed 13.99 points, or 0.66 percent, to 2,101.49. The Nasdaq Composite Index was down 42.66 points, or 0.86 percent, to 4,915.95.

U.S. stocks pared part of early losses to close mildly lower Thursday, as a decline in oil prices dampened investor sentiment. Endi