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Stocks Open A Bit Lower; Thor Up On Earnings; China IPO Rises

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Stocks opened slightly lower Thursday as investors mulled details of President Trump's tax proposal.

[ibd-display-video id=2323629 width=50 float=left autostart=true] The Dow Jones industrial average and Nasdaq fell 0.1% while the S&P 500 was a fraction lower. This followed a session Wednesday that saw the Nasdaq composite jump 1.1% in higher volume.

In economic news, weekly jobless claims came in mostly in line with expectations at 272,000, up from 259,000 the prior week. The final revision to second-quarter GDP came in at 3.1%, also in line with expectations.

The 10-year Treasury yielded added 3 basis points early Thursday to 2.34%, helping the cause of JPMorgan Chase ( JPM ) and Bank of America ( BAC ), which showed gains of 0.2% and 0.5%, respectively, at the open. BofA is trying to clear a base with a 25.45 buy point. JPMorgan is in the same boat with a 95.32 entry.

Benchmark crude oil futures for November added nearly 1% to $52.53 barrel.

Leaderboard name Thor Industries ( THO ) jumped nearly 3% at the open after reporting strong earnings late Wednesday. The RV maker reported adjusted earnings per share of $2.26, up 44% from the year-ago quarter. Sales rose 50% to just over $1.9 billion. Strong sales growth is a result of the company's acquisition of Jayco last year.

Elsewhere on the earnings front, BlackBerry ( BBRY ) gained 8% at the open after the mobile software company reported better-than-expected earnings and sales. The 10 level is a potential resistance area to watch.

In IPO news, Roku priced last night at 14, at the high end of a proposed range of 12-14. The TV streaming service, trading under the ticker ROKU, had not started trading.

The IPO comes after a successful debut Wednesday from China-based RYB Education ( RYB ). The provider of early childhood education services priced at 18.50 and closed at 25.90. Shares were up 0.4% early Thursday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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