US stocks drop after poor economic data US stocks deepened losses from the previous trading session as investors reacted to disappointing labour market data and signs of further weakness in the country's economy. The S&P 500 fell 0.8 per cent to 1,500.67 in the opening hour of trading on Thursday. The declines came after stocks suffered their worst day since the start of the year in the previous session as the minutes from the latest Federal Reserve meeting showed the central bank was cooling on its open-ended asset purchases. Labour market data added to the sour mood on Thursday as the number of Americans filing for first-time jobless benefits rose by more than expected. The Nasdaq Composite index dropped 0.8 per cent to 3,140.23. The Dow Jones Industrial Average fell 0.3 per cent to 13,890.10. Meanwhile, Walmart , the world's largest retailer by revenues, said higher payroll taxes and petrol prices had driven weakness in its US business. Shares in the company rose 2.8 per cent to $71.20 as investors were encouraged that the retailer recorded a larger than expected profit increase for its latest quarter. Shares in Carlyle dropped 9.5 per cent to $33.17 as the buyout and asset management group said its fourth-quarter earnings fell sharply. The company said lower performance fees and an investment loss had sapped its revenues, while its compensation expenses rose. Chesapeake Energy lost 0.5 per cent to $20.16 as the natural gas company said is fourth-quarter profits had beaten analysts" forecasts. On Wednesday, the company's board said that it found no "intentional wrongdoing" on the part of Aubrey McClendon, its outgoing chief executive, who is stepping down in April. Set to report its latest quarterly figures after the market closed, computer technology group Hewlett-Packard lost 0.6 per cent to $16.60. Insurer AIG - also due to report after the market close - declined 1.4 per cent to $37.05.