Stocks Opened Lower after Weak China Export Data

U.S. stocks opened lower on Thursday, after weak Chinese trade data fostered doubts about the health of the world economy. The Dow Jones Industrial Average lately fell 167.92 points, or 0.93%, to 17,976.28. The S&P 500 lost 23.39 points, or 1.09%, to 2,115.79. The Nasdaq Composite dropped 66.30 points, or 1.27%, to 5,172.71.

China’s September trade report showed a massive 10% drop in exports, reviving the specter of a slowdown from the Middle Kingdom, as it reminded investors that global demand is still a fragile thing.

The number of people who applied for unemployment benefits was flat at 246,000 in the first week of October as the rate of layoffs sank to a 43-year low.

Amazon.com Inc. (AMZN) said Thursday it is creating 120,000 seasonal jobs for the holidays, across its fulfillment centers, sortation centers and customers sites.

Ocular Therapeutix Inc. (OCUL) announced a $10 million drug development deal with Regeneron Pharmaceuticals Inc. REGN, +1.07% The partnership’s focus is on developing a sustained-release formulation of Regeneron’s retinal disease drug aflibercept, also called Eylea.

Ulta Salon Cosmetics & Fragrance Inc. (ULTA) raised its profit and sales outlook for the fiscal third-quarter ending October. The company now expects earnings per share of $1.35 to $1.38, up from a previous outlook of $1.25 to $1.30. The same-store sales growth forecast was raised to 14% to 15% from 11% to 13%.

Delta Air Lines reported a 4.4% drop in net income for the third quarter Thursday, after losing $150 million in income from a technology outage in August. Net income for July, August and September of $1.26 billion, or $1.70 per diluted share, met analyst expectations, according to S&P Global Market Intelligence.