Investing.com - U.S. stocks opened lower in quiet trade on Wednesday, despite the release of positive Chinese trade data, as a number of earnings reports disappointed.
During early U.S. trade, the Dow Jones Industrial Average slipped 0.18%, the S&P 500 index edged down 0.11%, while the Nasdaq Composite index dipped 0.03%.
Sentiment improved earlier, after official data showed that Chinese imports and exports rose more than expected in April, indicating that the outlook for economic growth remains good.
China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion.
Meanwhile, investors continued to eye the European Central Bank's next move amid growing expectations for another rate cut after ECB President Mario Draghi said Monday the bank would monitor all euro zone economic data in the coming weeks and was ready to act if needed.
Among earnings, Internet company AOL posted earnings that missed expectations, though revenue was above consensus, sending shares down 6.57% at the open of the U.S. trading session.
Adding to losses, Wendy's tumbled 3.92% after the fast-food chain posted sales that missed expectations as same-store sales growth came in below estimates.
Late Tuesday, the Walt Disney Company reported earnings and revenue that beat market expectations for the first quarter on strength in its parks and recreation and studio businesses.
The company still saw shares drop 0.95%.
On the upside, JC Penney surged 4.21%, even after saying it expects to see a 16.6% drop in same-store sales in the first-quarter compared to a year ago and revenues below expectations.
However, the retailer reported cash levels that were higher than analysts's estimates.
Financial stocks were also mostly higher, as shares in Citigroup added 0.31% and JP Morgan advanced 0.59%, while Bank of America gained 0.54. Goldman Sachs underperformed on the other hand, slipping 0.11%.
Other stocks in focus included Activision Blizzard, Green Mountain, Groupon, NewsCorp and Tesla Motors, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 rose 0.32%, France’s CAC 40 gained 0.61%, Germany's DAX climbed 0.50%, while Britain's FTSE 100 added 0.27%.
During the Asian trading session, Hong Kong's Hang Seng Index gained 0.86%, while Japan’s Nikkei 225 Index advanced 0.74%.
During early U.S. trade, the Dow Jones Industrial Average slipped 0.18%, the S&P 500 index edged down 0.11%, while the Nasdaq Composite index dipped 0.03%.
Sentiment improved earlier, after official data showed that Chinese imports and exports rose more than expected in April, indicating that the outlook for economic growth remains good.
China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion.
Meanwhile, investors continued to eye the European Central Bank's next move amid growing expectations for another rate cut after ECB President Mario Draghi said Monday the bank would monitor all euro zone economic data in the coming weeks and was ready to act if needed.
Among earnings, Internet company AOL posted earnings that missed expectations, though revenue was above consensus, sending shares down 6.57% at the open of the U.S. trading session.
Adding to losses, Wendy's tumbled 3.92% after the fast-food chain posted sales that missed expectations as same-store sales growth came in below estimates.
Late Tuesday, the Walt Disney Company reported earnings and revenue that beat market expectations for the first quarter on strength in its parks and recreation and studio businesses.
The company still saw shares drop 0.95%.
On the upside, JC Penney surged 4.21%, even after saying it expects to see a 16.6% drop in same-store sales in the first-quarter compared to a year ago and revenues below expectations.
However, the retailer reported cash levels that were higher than analysts's estimates.
Financial stocks were also mostly higher, as shares in Citigroup added 0.31% and JP Morgan advanced 0.59%, while Bank of America gained 0.54. Goldman Sachs underperformed on the other hand, slipping 0.11%.
Other stocks in focus included Activision Blizzard, Green Mountain, Groupon, NewsCorp and Tesla Motors, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 rose 0.32%, France’s CAC 40 gained 0.61%, Germany's DAX climbed 0.50%, while Britain's FTSE 100 added 0.27%.
During the Asian trading session, Hong Kong's Hang Seng Index gained 0.86%, while Japan’s Nikkei 225 Index advanced 0.74%.