Stocks Trim Gains as Apple Hits 52-Week Low

Stocks lost earlier gains on Thursday morning as Apple (AAPL) - Get Report hit a fresh 52-week low on worries over iPhone demand. 

The S&P 500 added 0.18%, the Dow Jones Industrial Average rose 0.26%, and the Nasdaq fell 0.05%.

Apple supplier Foxconn Technology reported a 9.2% decline in first-quarter profit as a slowdown in iPhone sales hit its bottom line. The outlook for iPhone growth has turned bearish since Apple posted its first sales decline in 13 years in April. Apple shares were down more than 1% on Thursday. 

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Crude oil gave back the morning's gains. Prices had headed higher after the International Energy Agency predicted a "dramatic reduction" in global oil inventories in the second half of the year. The energy watchdog predicted a pickup in demand and reduced supply from some major producers in the back-half of the year.

The IEA said pressure would remain in the first half of the year as Iran continues to increase production to reach pre-sanction levels.

West Texas Intermediate crude was up 0.4% to $46.39 a barrel after trading around $47 earlier in the session. 

The number of new claims for unemployment benefits in the U.S. hit its highest level since February 2015. Jobless claims increased 20,000 to 294,000, while the less-volatile, four-week average added 10,250 to 268,250.

U.S. import and export prices rose in April. Core import prices rose 0.3%, half the increase analysts had expected. Nonfuel import prices rose for the first time in July 2014. Export prices increased 0.5% compared to an expected flat reading.

U.S. stocks on Wednesday ended lower as disappointing starts to the year for Walt Disney (DIS) - Get Report and and Macy's (M) - Get Report , industry leaders of the entertainment and retail worlds, respectively, took down Wall Street. The Dow fell more than 1%.

Monsanto (MON)  added 11% on unconfirmed reports BASF or Bayer could make an offer for the agricultural company. Reports surfaced in March that Monsanto was open to possible deals with the German companies. 

Kohl's (KSS) - Get Report slid 8% after reporting an unexpected decline in sales in its first quarter. The department store chain said revenue fell 3.7% to $3.97 billion, missing an expected slight uptick to $4.13 billion. Same-store sales slid 3.9%, below an expected 0.2% increase.

Weibo (WB) - Get Report rose more than 6% after swinging to a first-quarter profit and increasing sales by double-digits. The Chinese social network reported a quarterly profit of 3 cents a share compared to a loss of a penny a share in the year-ago quarter. Revenue jumped 24% and beat estimates.

Sina (SINA) - Get Report , owned by Weibo, was flat after reporting a quarterly loss. The China-based media company reported an adjusted loss of 4 cents a share, a penny wider than analysts had expected.