NEW YORK (CNN/Money) - Stocks waded in negative territory shortly after the opening bell Thursday, as investors awaited a reading on the nations manufacturing activity and digested weaker-than-expected reports on jobless claims and productivity.

Around 9:35 a.m. ET, the Dow Jones industrial average (down 21.99 to 8458.10, Charts), the Nasdaq composite (down 2.26 to 1462.05, Charts) and the S&P 500 index (down 2.29 to 914.63, Charts) tipped lower. All three indexes fell Wednesday, but made strong gains in the month of April.

After a report Wednesday that showed a decline in manufacturing activity in the Chicago region, despite Wall Street's expectations for a rise, investors eagerly awaited the Institute for Supply Management's national reading, due at 10 a.m. ET. Economists surveyed by Reuters forecast a rise to 47 in April from 46.2 in March. Any reading below 50 signals continued contraction in the sector.

In other economic news, the Labor Department said new claims for unemployment benefits fell to 448,000 in the week ended April 26 from a revised 461,000 the prior week. The decline was not as great as economists had expected -- they had forecast a drop to 432,000 new claims, according to a Reuters poll.

The jobless claims report is a precursor to Friday's monthly unemployment report. Economists expect that the rate rose to 5.9 percent from 5.8 percent in March.

Meanwhile, productivity rose 1.6 percent in the first-quarter from 0.7 percent in the previous quarter. The rise was less than economists' expected 2.1 percent jump, according to a Reuters poll.

Investors will also get readings on construction spending and auto sales during the session Thursday.

While earnings took a back seat to economic news in the early going, a few heavyweights had an impact on market action.

Dow component Exxon Mobil (XOM: up $0.35 to $35.55, Research, Estimates), the world's largest oil company, said it earned 71 cents per share in the quarter, up from 31 cents a year earlier and a penny better than expected. It's shares traded a bit higher.

Media and entertainment conglomerate Disney (DIS: down $0.20 to $18.46, Research, Estimates), also a Dow 30 member, was set to report earnings after the closing bell. Shares of Disney trended higher.

Many European markets are closed in honor of the May Day holiday. But London stocks were open and edged lower in midday trading. Japanese stocks ended higher.

Treasury prices rose in early trading, with the 10-year note up 3/32 of a point in price to yield at 3.82 percent. The dollar was little changed against the euro after hitting a new four-year low Wednesday, but was weaker versus the yen.

Brent oil futures for June delivery gained 21 cents to $23.93 a barrel in London. Gold for June delivery gained $1 an ounce to $340.40.