MARKET SNAPSHOT: U.S. Stocks Pare Gains; Home Sales Disappoint

By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks got off to a shaky start on Thursday as the main benchmarks switched between small gains and losses as investors weighed upbeat earnings against weaker-than-expected home sales data.

Ahead of the opening bell, weekly jobless claims came in far better than expected, as the number of people claiming benefits fell to the lowest level since February 2006, but June's pace of new-home sales hit three-month low.

The S&P 500 (SPX) was flat at 1,987.89, after setting a fresh intraday record. The Dow Jones Industrial Average (DJI) added 6 points to 17,092.54. The Nasdaq Composite (RIXF) dipped 3 points, or 0.1%, to 4,469.66.

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Investors processed a deluge of corporate earnings ahead of the bell.

Ford(F) shares rose 1.5% after the car maker beat earnings expectations.

General Motors Co. (GM.XX) profit sank 80% as the auto maker was hit by recalls. Adjusted earnings matched analyst expectations. Shares were 2.8% lower in premarket.

Among the decliners, Shares of TripAdvisor Inc. (TRIP) sank 11% and Angie's List Inc. (ANGI) tumbled 22% after those companies separately reported late Wednesday.

Among the early reporters Caterpillar Inc. (CAT) shares dropped 3.3% after the maker of manufacturing equipment said sales fell short of expectations in the second quarter, but the company raised its earnings outlook again.

Shares of Facebook(FB) jumped 5.6% action after profit and sales beat expectations.

For more on Thursday's notable movers, read our Mover & Shakers column.

In economic news, sales of new single-family homes fell by more than expected in June to the slowest pace in three months, with drops across the country, according to government data released Thursday.

The number of unemployed workers applying for jobless benefits tumbled in the most recent weekly data to the lowest level in more than eight years, signaling that employers are letting go of very few workers.

Outside of a loss for the Nikkei 225 index , Asian stocks rose across the board Thursday with a 1.2% gain for the China Shanghai Composite , after a preliminary reading of Chinese manufacturing data from HSBC hit an 18-month high. European stocks gained across the board amid a big earnings day there.

Crude-oil (CLU4) edged lower along with gold prices (GCQ4), while the dollar (DXY) steadied.

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