US STOCKS-Wall St lower; cuts losses as oil prices reverse course
* U.S. crude inventory data offsets OPEC impact
* Labor data encouraging; Friday's payrolls data awaited
* Apple drops on Goldman price target cut
* Indexes down: Dow 0.12 pct, S&P 0.18 pct, Nasdaq 0.19 pct (Updates to early afternoon)
By Yashaswini Swamynathan
June 2 (Reuters) - U.S. stocks were lower in afternoon trading on Thursday, having clawed back most of their losses after crude oil prices turned course to trade higher.
Oil prices were up about 0.5 percent after data showed a weekly drawdown in U.S. crude stockpiles. Crude had dropped about 2 percent earlier on OPEC's failure to reach a deal to freeze output.
Crude prices' reversal helped the S&P energy index cut its losses to 0.76 percent, from 1 percent, and surrender its position as the biggest drag on the S&P 500. Exxon and Chevron stayed lower by more than 0.7 percent.
Separately, data on Thursday showed U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter. Continuación...