Stocks Opened Lower after JPMorgan, China Data

U.S. stocks slipped Thursday after earnings from JPMorgan Chase & Co. and Chinese economic data disappointed. The Dow Jones Industrial Average lately fell 92.63 points to 11,426.22. The S&P 500 declined 10.83 points to 1,196.42. The Nasdaq Composite was off 7.97 points to 2,596.76.

JPMorgan Chase’s third-quarter income fell 4 percent on weaker investment banking and trading results and a loss in its private equity division. It earned $4.3 billion, or $1.02 per share, compared with $4.4 billion, or $1.01, during the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn 91 cents per share.

China’s trade surplus narrowed for a second straight month in September, as both imports and exports were lower than expected. Trade data released Thursday showed Chinese exports rose 17.1% last month from a year ago, down from 24.5% growth in August. Meanwhile, imports grew 20.9% from a year ago, compared with 30.2% in August.

The U.S. trade deficit narrowed slightly in August because imports fell a little more than exports. The Commerce Department said Thursday that the deficit dipped to $45.61 billion in August, the lowest gap in four months. The July deficit was revised upward to $45.63 billion.

A separate report from the Labor Department showed Initial claims for state unemployment benefits dipped 1,000 to a seasonally adjusted 404,000.

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