U.S. Stocks Open Lower as GDP Comes in Less Than Most Expected

The first read of Gross Domestic Product showed it rose 2.3% in the second quarter, most economists surveyed by the Wall Street Journal expected it to gain 2.7%.

Author:: Jane King
Publish date:: Jul 30, 2015 9:44 AM EDT

U.S. stocks opened lower Thursday. The first read of Gross Domestic Product showed it rose 2.3% in the second quarter, most economists surveyed by the Wall Street Journal expected it to gain 2.7%. However, the first quarter GDP was revised to .6% gain from a slightly negative reading. Meanwhile, weekly jobless claims rose 12,000 from last week to 267,000. Procter & Gamble (PG) said it profit beat expectations but it also lowered its outlook. T-Mobile (TMUS) posted better than expected revenue, says it added 2.1 million subscribers, and raised its outlook for new subscribers for the rest of the year. Royal Dutch Shell (RDS) is cutting 6500 jobs as it deals with lower oil prices. The company says it's preparing for a prolonged period of lower crude oil prices. Petco is reportedly talking to bankers about a possible IPO as early as later this year.