Stocks Opened Slightly Lower after Trade Data

U.S. stocks opened slightly lower on Tuesday as investors digested disappointing trade data that showed a stronger dollar hurt exports and resulted in a wider trade deficit in August. The Dow Jones Industrial Average lately gained 52.38 points, or 0.31%, to 16,828.81. The S&P 500 was up 1.42 points, or 0.07%, to 1,988.47. The Nasdaq Composite was down 0.88 points, or 0.02%, to 4,780.38.

The U.S. trade deficit jumped sharply in August as exports fell to the lowest level in nearly three years while imports increased, led by a surge in shipments of cellphones from China.T he deficit increased 15.6 percent to $48.3 billion, the Commerce Department reported Tuesday.

Oil markets are beginning to recover but the scale of global oversupply means prices may rise only slowly, the chief executive of Royal Dutch Shell Plc (RDSa.L) said on Tuesday.

Snack-and-beverage giant PepsiCo Inc. said profit in its latest quarter fell, due mostly to charges stemming from accounting changes in its Venezuelan business. In all, the company reported a profit of $533 million, or 36 cents a share, down from $2.01 billion, or $1.32, a year earlier.

International Business Machines Corp. has formed a new business unit to capitalize on the recent groundswell in artificial intelligence.