Investing.com - U.S. stocks opened lower on Friday, as the release of disappointing U.S. trade balance data sparked fresh concerns over the country's outlook for economic growth.
During early U.S. trade, the Dow Jones Industrial Average dipped 0.05%, the S&P 500 index slipped 0.17%, while the Nasdaq Composite index inched down 0.08%.
Official data showed that the U.S. trade deficit widened unexpectedly in November, rising to USD48.7 billion from a deficit of 42.1 billion the previous month.
Analysts had expected the trade deficit to narrow to USD41.3 billion in November.
Sentiment strengthened earlier after European Central Bank President Mario Draghi said on Thursday that a gradual economic recovery would begin this year, as structural reforms and actions by the ECB to tackle the region’s debt crisis continued to take effect.
Financial stocks were broadly lower, even as Wells Fargo, down 1.19%, posted a quarterly profit of 91 cents a share, two cents ahead of estimates.
Shares in Goldman Sachs dropped 0.58% and JP Morgan tumbled 0.98%, while Citigroup and Bank of America plunged 1.45% and 1.78% respectively. All four banks are scheduled to post results next week.
In the retail sector, JCPenney dove 4.75% amid concerns about its turnaround plans, while UBS downgraded the company to "sell."
Supervalu added to losses, dropping 0.58%, after the company struck a USD3.3 billion deal to reduce its burdensome debt by selling five of its supermarket chains to an investor group led by Cerberus Capital Management.
Separately, tycoon Carlos Slim's retail unit said it plans to relist on the Mexican stock exchange, offering a 15.2% stake to raise around USD720 million to fund expansion plans.
On the upside, Best Buy skyrocketed 11.79% after the consumer electronics retailer posted flat same-store sales during the holiday season.
Oil major Chevron also trended higher, as shares jumped 1.14%, after the firm said it expects fourth-quarter earnings to be "notably higher" than the previous quarter as oil and gas output rebounded.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 added 0.12%, France’s CAC 40 fell 0.27%, Germany's DAX inched 0.07% lower, while Britain's FTSE 100 rose 0.16%.
During the Asian trading session, Hong Kong's Hang Seng Index dropped 0.39%, while Japan’s Nikkei 225 Index jumped 1.4%.
Also Friday, Japanese Prime Minister Shinzo Abe unveiled a JPY10.3 trillion stimulus package to end deflation and boost growth.
According to the Cabinet Office, about JPY3.8 trillion will go to disaster prevention and reconstruction, with JPY3.1 trillion directed to stimulating private investment and other measures.
During early U.S. trade, the Dow Jones Industrial Average dipped 0.05%, the S&P 500 index slipped 0.17%, while the Nasdaq Composite index inched down 0.08%.
Official data showed that the U.S. trade deficit widened unexpectedly in November, rising to USD48.7 billion from a deficit of 42.1 billion the previous month.
Analysts had expected the trade deficit to narrow to USD41.3 billion in November.
Sentiment strengthened earlier after European Central Bank President Mario Draghi said on Thursday that a gradual economic recovery would begin this year, as structural reforms and actions by the ECB to tackle the region’s debt crisis continued to take effect.
Financial stocks were broadly lower, even as Wells Fargo, down 1.19%, posted a quarterly profit of 91 cents a share, two cents ahead of estimates.
Shares in Goldman Sachs dropped 0.58% and JP Morgan tumbled 0.98%, while Citigroup and Bank of America plunged 1.45% and 1.78% respectively. All four banks are scheduled to post results next week.
In the retail sector, JCPenney dove 4.75% amid concerns about its turnaround plans, while UBS downgraded the company to "sell."
Supervalu added to losses, dropping 0.58%, after the company struck a USD3.3 billion deal to reduce its burdensome debt by selling five of its supermarket chains to an investor group led by Cerberus Capital Management.
Separately, tycoon Carlos Slim's retail unit said it plans to relist on the Mexican stock exchange, offering a 15.2% stake to raise around USD720 million to fund expansion plans.
On the upside, Best Buy skyrocketed 11.79% after the consumer electronics retailer posted flat same-store sales during the holiday season.
Oil major Chevron also trended higher, as shares jumped 1.14%, after the firm said it expects fourth-quarter earnings to be "notably higher" than the previous quarter as oil and gas output rebounded.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 added 0.12%, France’s CAC 40 fell 0.27%, Germany's DAX inched 0.07% lower, while Britain's FTSE 100 rose 0.16%.
During the Asian trading session, Hong Kong's Hang Seng Index dropped 0.39%, while Japan’s Nikkei 225 Index jumped 1.4%.
Also Friday, Japanese Prime Minister Shinzo Abe unveiled a JPY10.3 trillion stimulus package to end deflation and boost growth.
According to the Cabinet Office, about JPY3.8 trillion will go to disaster prevention and reconstruction, with JPY3.1 trillion directed to stimulating private investment and other measures.