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7/6/2017, 3:33 PM (Source: TeleTrader)
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Wall Street opens lower on economic data

Major stock market indices on Wall Street opened lower on Thursday as investors digest a fresh set of economic data. The United States trade deficit increased in the last three months, despite a decrease in May as exports advanced to the highest level in over two years. Initial jobless claims for the week ending July 1 increased by 4,00 to 248,000 compared to the previous week, while employment in the private sector rose by 158,000 in June. 

The Dow Jones Industrial Average opened 0.23% lower. General Electric was the worst performer, falling 1.63% at 3:47 pm CET. The S&P 500 began trading 0.37% in the red. L Brands, Inc. contributed the most strongest losses, plunging 9.31% at 3:48 pm CET after announcing a 6% decline in its June sales.  

The Nasdaq 100 started off 0.66% in the negative. Shares of Tesla, Inc. fell in premarket trade following a new set of crash tests on the Model S conducted by the Insurance Institute for Highway Safety (IIHS). Elon Musk's company shares were down over 3% at $317.6925 at 3:44 pm CET. According to a source cited by CNBC, the IIHS's execuitve vice president Dave Zuby said that there are safer options than the Model S despite Tesla's claim it is the safest car in history. 

Meanwhile, the euro gained 0.34% against the US dollar, buying $1.13914 at 3:40 pm CET. 

Breaking the News / JC