US open: Stocks fall after mixed data ahead of Jackson Hole

US stocks fell on Thursday as traders weighed mixed economic data ahead of the Federal Reserve’s annual conference.

The Dow Jones Industrial Average fell 0.10% to 18,464.08 points, the S&P 500 dropped 0.10% to 2,173.05 points and the Nasdaq slid 0.08% to 5,213.23 points.

At the same time oil prices wavered amid worries about oversupply with West Texas Intermediate crude down 0.08% to $46.73 per barrel and Brent crude up 0.06% to $49.08 per barrel.

US durable goods orders jumped 4.4% in July, beating expectations for a 3.4% increase and following a 4.2% decline in June, the Commerce Department revealed.

Meanwhile, the Labor Department revealed a better-than-expected report on weekly jobless claims.US initial jobless claims declined by 1,000 from the previous week’s unrevised level to 261,000, beating expectations for a jump to 265,000.

In contrast, Markit’s flash US services purchasing managers’ index missed forecasts. The PMI printed at 50.9 in August, remaining above the 50.0 threshold that separates contraction from expansion but below July’s 51.4. This marked the lowest level since February and was weaker than consensus expectations for a reading of 52.0.

The data comes ahead of the Fed’s Jackson Hole conference on Friday. Fed chair Janet Yellen’s speech will be in focus for any remarks on whether the central bank feels the economy has strengthened enough to warrant an interest rate hike this year.

However, Neil Wilson, market analyst at ETX Capital, said “don’t expect much from Jackson Hole”.

"The Federal Reserve Bank of Kansas City’s annual economic policy symposium is a serious, sombre affair. It is not a policy meeting, nor is it meant to drive expectations for future policy decisions. It’s a talking shop and we should take the goods on offer with a healthy dose of salt.

"Markets are incredibly quiet this August (in sharp contrast to last year) so investors are latching on to anything they can, which gives this meeting a lot more attention than it probably deserves. Investors will hang on every word uttered by Janet Yellen, the Federal Reserve chair."

In corporate news, Tiffany & Co. shares rallied after the luxury jeweller’s second-quarter profit came in ahead of expectations.

Discount chain Dollar Tree slumped after revealing quarterly sales that fell short of analysts’ estimates, blaming a “challenging” retail environment.

Medtronic declined as it reported an increase in quarterly profit that exceeded forecasts, although sales fell across most its segments.

Workday shares surged after the software company’s second-quarter earnings released late on Wednesday beat expectations.

Guess was also sharply higher after rocketing after-hours on Wednesday following its second-quarter numbers.