US open: Markets fluctuate amid better-than-expected labour data, ECB stimulus

US stocks fluctuated on Thursday despite better-than-forecast jobless claims and productivity data.

Just before 10:00 in New York, the Dow Jones Industrial Average was 25.21 points up at 17,509.74, while the S&P 500 lost 1.70 points to 2,021.87 and the Nasdaq shed 1.90 points at 4,151.25

Investors received positive news from Europe as Mario Draghi, the president of the European Central Bank (ECB), said the ECB's governing council was unanimous in its commitment to using additional unconventional measures to support the economy, if required.

US initial jobless claims fell to 278,000 in the week ending 1 November, below consensus expectations for 285,000, while claims for the prior week were revised 1,000 higher, to 288,000. The four-week moving average of claims fell to 279,000 from 281,000, reaching the lowest level since April 2000.

"The recent weakness of claims is one of the reasons why we anticipate an above consensus 275,000 increase in non-farm payrolls in October," said economist Paul Ashworth from Capital Economics. The official jobs report is due out on Friday afternoon.

US productivity increased at an annual pace of 2% in the third quarter after a revised 2.9% gain in the second quarter. This came in better than the 1.5% growth rate the market was expecting.

In corporate news, Whole Foods rose sharply after announcing late on Wednesday that its earnings beat expectations, thanks to gains in its market share and new product launches. The firm was on track for its biggest one-day gain since May 2013.

Tesla Motors edged forward, even though the electric car maker said production of its next vehicle would be delayed until the autumn of 2015. The company, however, said it was ramping up output and expects 50% growth next year.

Qualcomm slumped after announcing late on Wednesday that an antitrust investigation and problems collecting royalties could harm its business in China next year.

The Organisation of Petroleum Exporting Countries (OPEC) said its crude production will fall more than previously anticipated in the near-to-medium term, suggesting the group could at some stage cut the upper limit it places on its collective output.

West Texas intermediate crude fell almost 1.5% to just over $77.5, while Brent crude lost over 0.5% and was trading at just under $82.50

The dollar registered gains against the euro, the pound and the yen, while gold futures fell to $1,141.70.

The yield on the 10-year US Treasury note rose two basis points to 2.37%, while the 30-year Treasuries advanced three basis points to 3.09% and the five-year Treasury note gained one basis point to 1.65%.