MARKET SNAPSHOT: U.S. Stocks Deflate After Mixed Economic Reports

By Anora Mahmudova and Sara Sjolin, MarketWatch

Exxon Mobil, New York Times earnings on tap

U.S. stocks were under selling pressure on Thursday following a number of economic releases and earnings reports, a day after the Federal Reserve left open the possibility of interest rate hike as early as June.

Thursday's economic data came in above expectations and pointed to improvement in the labor market and further inflation stabilization - both are key gauges of U.S.economic health that the central bank said it would use to help guide its hand as it aims to start normalizing interest rates.

The S&P 500 (SPX) fell 13 points, or 0.6%, to 2,095.33 with all 10 main sectors trading lower. Utilities and tech stocks were hit the hardest. The Dow Jones Industrial Average (DJI) was off triple-digits early in the session, or 0.6%, to 17,932.18.

The Nasdaq Composite (RIXF) sank 43 points, or 0.9%, to 4,980.21.

(http://www.marketwatch.com/storyno-meta-for-guid)Investors were also watching the latest batch of corporate earnings, including first-quarter results from Exxon Mobil Corp. (XOM), which proved better than expected, albeit significantly lower than its quarterly figures a year ago.

Data:The number of people who applied for U.S. unemployment benefits (http://www.marketwatch.com/story/us-jobless-claims-sink-to-15-year-low-2015-04-30)fell 34,000 to 262,000 in the seven days from April 19 to April 25, the lowest level in 15 years.

The cost of employing the average U.S. worker (http://www.marketwatch.com/story/wages-pick-up-in-the-first-quarter-2015-04-30)climbed 0.7% in the first quarter.

Consumer spending rose a seasonally adjusted 0.4% in March (http://www.marketwatch.com/story/consumer-spending-shows-limited-advance-in-march-2015-04-30). But personal income was flat last month, likely reflecting slower job creation. Inflation, as gauged by the PCE price index, climbed 0.2% in March.

The Chicago PMI jumped in April to a reading of 52.3 from 46.3 in March, to return above the 50-mark signaling expansion. A double-digit gain in the new orders component led to the advance.

Earnings: Reporting ahead of the bell, Exxon MobilCorp.(XOM) posted better-than-expected profit and sales but the integrated oil giant's results still show signs of the plunge in oil prices. Shares fell 0.6%.

Another energy company, ConocoPhillips (COP), reported an adjusted first-quarter loss of 18 cents, slightly bigger than what was forecast. Shares were off slightly.

New York Times Co.(NYT) reported first-quarter profit and sales that missed Street consensus estimates, and announced that it expects advertising revenue to fall in the second quarter. Shares rose 1%.

Colgate-Palmolive Co.(CL) said first-quarter sales fell 6%, slightly missing analyst expectations. The consumer-goods company also said expects a double-digit decline in full-year earnings per share. Shares slipped 2.2%.

After the bell, American International Group Inc.(AIG)LinkedInCorp.(LNKD) and Visa Inc. (V) are set to report. Read about what's expected (http://www.marketwatch.com/story/new-york-times-exxon-aig-linkedin-fireeye-earnings-in-focus-2015-04-30).

Movers and shakers: Shares of Yelp Inc.(YELP) plunged 18% after the online review company late Wednesday reported first-quarter earnings that missed analyst expectations (http://www.marketwatch.com/story/yelp-reports-slower-growth-profit-and-sales-miss-2015-04-29). RBC Capital Markets on Thursday cut the stock to sector perform from outperform, citing the "very negative" quarterly result. .

U.S.-listed shares of Alcatel-Lucent(ALU) slumped 8.4% after the Financial Times reported a major shareholder in the French telecoms company has criticized the terms of its buyout by Nokia (http://www.marketwatch.com/story/key-alcatel-lucent-shareholder-calls-nokia-deal-unacceptable-2015-04-30). U.S.-listed Nokia shares (NOK) lost 9.5%. The company also reported first-quarter earnings (http://www.marketwatch.com/story/nokia-profit-falls-but-beats-expectations-2015-04-30).

Other markets: Asian stock markets closed mostly lower (http://www.marketwatch.com/storyno-meta-for-guid), while European benchmarks (http://www.marketwatch.com/storyno-meta-for-guid) struggled for direction.

Crude-oil prices (CLM5) moved 1% higher (http://www.marketwatch.com/storyno-meta-for-guid) and most metals declined. The dollar (DXY) traded mixed against other major currencies (http://www.marketwatch.com/storyno-meta-for-guid).

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