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.
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