Updated from 9:13 a.m. EDT

Stocks were sulking at the open Thursday, as the latest weekly labor data revealed an uptick in unemployment. Traders were also waiting for the House of Representatives to follow up on the Senate's recent passage of a $700 billion bailout plan for financial firms.

The Dow Jones Industrial Average shed 63 points to 10,746, and the S&P 500 was losing 9.8 points to 1151. The Nasdaq was slipping 16 points to 2053.

After the close of Wednesday's trading, the Senate passed the bailout with a 74-25 vote. The House of Representatives had rejected an earlier version of the proposal on Monday, and the stock market responded with one of its worst performances in recent memory.

In an attempt at offering additional support to the stock market, the Securities and Exchange Commission extended through Oct. 17 a ban on short sales of financial stocks. The original ban had been slated to expire today.

Meanwhile, Swiss bank UBS ( UBS) announced it would net a small third-quarter profit. Such an achievement would break a four-quarter losing streak for UBS.

Bank of America ( BAC), which agreed on Sept. 14 to buy Merrill Lynch ( MER), said Merrill Chairman and CEO John Thain will join BofA as president of global banking, securities and wealth management in the combined firm. Current president of global corporate and investment banking Brian Moynihan at BofA will remain in a newly created position, the company said.

Elsewhere, the Financial Times reported that private equity firm Kohlberg Kravis Roberts, together with French electric company EDF were working on a buyout deal for Constellation Energy ( CEG).

In the technology space, Reuters said Japanese firm Fujitsu was in discussions with data-storage company Western Digital ( WDC) about a potential sale of Fujitsu's hard-drive business.

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