MARKET SNAPSHOT: U.S. Stocks Open Lower As Oil Tumbles On OPEC Stalemate

By Ellie Ismailidou and Barbara Kollmeyer, MarketWatch

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U.S. stocks opened lower Thursday, weighed down by falling oil prices after the Organization of the Petroleum Exporting Countries failed to reach an agreement on a production ceiling.

Meanwhile, fresh U.S. private-sector employment data (http://www.marketwatch.com/story/adp-reports-173000-private-sector-jobs-added-in-may-2016-06-02-8103345)came roughly within expectations, while first-time unemployment benefits declined somewhat, increasing the likelihood of an interest-rate increase this summer.

The S&P 500 index fell 5 points, or 0.3%, to 2,093, led by a 1% drop in energy shares, which were dragged down by tumbling oil prices . The technology sector was the second-worst performer on the index, down 0.5%.

The Dow Jones Industrial Average fell 45 points, or 0.3%, to 17,747, led by a 1.6% drop in energy giant Exxon Mobil Corp.(X) followed by a 1.4% drop in shares of Apple Inc.(AAPL).

Meanwhile, the Nasdaq Composite began the day down 11 points, or 0.2%, to 4,941.

Earlier in the day, the European Central Bank left key interest rates unchanged, in line with investors' expectations. But ECB President Mario Draghi said the central bank remains ready to use all the tools within its mandate (http://blogs.marketwatch.com/thetell/2016/06/02/ecb-live-blog-draghi-faces-questions-on-inflation-greece-and-corporate-bonds/) to makes sure that the low inflation environment doesn't become "entrenched."

(END) Dow Jones Newswires

June 02, 2016 09:54 ET (13:54 GMT)

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