U.S. stocks open lower amid economic data

U.S. stocks opened lower on Thursday, as investors digested a batch of newly-released economic reports and awaited a key speech from U.S. Federal Reserve Chair Janet Yellen.

On the economic front, new orders for manufactured durable goods in July increased 9.7 billion U.S. dollars or 4.4 percent to 228.9 billion dollars, according to the U.S. Commerce Department.

In the week ending Aug. 20, the advance figure for seasonally adjusted initial claims was 261,000, a decrease of 1,000 from the previous week's unrevised level, the U.S. Labor Department said Thursday.

Meanwhile, traders kept a close eye on Yellen's speech for more clues on the timing of the next interest rate hike. She is scheduled to deliver a speech Friday on the U.S. economy and monetary policy at the Economic Policy Symposium in Jackson Hole, Wyoming.

Some Fed officials' hawkish comments have strengthened market expectations that the central bank might raise interest rates later this year.

"The chances of a market-moving headline leaking out ahead of the Fed Chair's speech tomorrow morning would be quite sloppy," said Stephen Guilfoyle, chief market economist at Stuart Frankel & Co. on Thursday.

Shortly after the opening bell, the Dow Jones Industrial Average shed 30.20 points, or 0.16 percent, to 18,451.28. The S&P 500 lost 4.43 points, or 0.20 percent, to 2,171.01. The Nasdaq Composite Index decreased 12.44 points, or 0.24 percent, to 5,205.25.

U.S. stocks retreated on Wednesday, as investors became cautious ahead of Yellen's speech. Endi