U.S. Stocks Trade Little Changed

By Saumya Vaishampayan And Dan Strumpf

U.S. stocks were little changed Thursday, as investors pored through the first batch of first-quarter earnings reports.

The Dow Jones Industrial Average gained slipped 19 points, or 0.1%, to 17884 in early trading. The S&P 500 added two points, or 0.1%, to 2080. The Nasdaq Composite Index gained one point to 4952.

Moves in stocks have been muted in recent sessions, as investors awaited first-quarter earnings. The Dow last saw a move of 1% on March 31.

"The market is exceptionally quiet right now," said Alex Manzara, vice president at futures brokerage R.J. O'Brien & Associates. "We're essentially marking time," he added.

On Wednesday, stocks rose modestly. The Dow added 0.2% to 17902.51 and the S&P 500 gained 0.3% to 2081.90.

Alcoa Inc. unofficially kicked off the first-quarter reporting season Wednesday after the bell. The aluminum company swung to a profit but its revenue missed analysts' expectations. Shares fell 3.8%.

Bed Bath & Beyond Inc. shares lost 4.9% after the retailer reported a 4% decline in quarterly profit and projected earnings below Wall Street estimates.

Economic reports have indicated a slowdown in the U.S. economy at the start of the year. Now, investors are waiting to see how companies fared in the first quarter. Including 23 companies that have reported, earnings at S&P 500 companies are expected to fall 4.9% in the first quarter from a year ago. Earnings at energy companies in the index are expected to slump 65% from a year earlier, as low oil prices weigh on results. The strong dollar is another headwind for multinational companies with significant operations overseas.

Shares of Constellation Brands Inc. rose 1.3% after the alcoholic-beverage maker reported its first quarterly dividend since 1973 and reported an increase in profits.

In economic news, the Labor Department said jobless claims rose by 14,000 to 281,000 in the week ended April 4. Economists surveyed by The Wall Street Journal expected 280,000 new claims. Later in the morning, a reading on wholesale inventories for February is also due.

European stocks rose. The Stoxx Europe 600 index gained 0.6% to 406.97, on track to close at a record. The benchmark's record close is 405.50, set in March 2000. France's CAC 40 gained 0.9% and Germany's DAX added 0.4%.

The euro inched down to $1.0770 from $1.0782 on Wednesday. The yield on the 10-year Treasury note fell to 1.909% from 1.895% on Wednesday. Yields fall as prices rise.

Elsewhere, Walgreens Boots Alliance Inc. said it would close 200 domestic stores as it continues to restructure and reported a 35.5% increase in sales in its February quarter amid a severe cold season. Shares added 2.6%.

In commodity markets, gold futures shed 0.3% to $1199.30 an ounce.

Oil prices rebounded from their biggest loss in two months. Crude-oil futures rose 1.7% to $51.22 a barrel.

Write to Saumya Vaishampayan at saumya.vaishampayan@wsj.com and Dan Strumpf at daniel.strumpf@wsj.com

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