U.S. Stocks Slip on Oil Worries; Q2 GDP Rises 1.4%

U.S. stocks moved lower Thursday, despite Wednesday's agreement by OPEC to cut oil production. Oil prices rose on Wednesday, but the excitement dissipated on Thursday. Analysts don't expect the agreement to affect prices in the near-term. Meanwhile, the final estimate of second quarter GDP was revised higher to 1.4% growth, compared to a previously reported 1.1%. Also, weekly jobless claims rose by 3,000 to 254,000, while analysts had expected an increase to 260,000. PepsiCo (PEP) - Get Report reported earnings of $1.40 a share, beating estimates of $1.32. Revenue of $16 billion topped estimates of $15.8 billion. The soda and snacks maker also raised its fiscal year earnings guidance. Wells Fargo (WFC) - Get Report CEO John Stumpf is back on Capitol Hill, testifying before the House Financial Services Committee. He is set to address the company's fake bank account scandal, which has resulted in fines and executive pay claw backs. TheStreet's Scott Gamm reports from Wall Street.