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Market Update

Stocks Weaken on Wall Street, U.S. Trade Deficit Eases 3.6%

Author: Nichole Harper
Last Update: 11:36 AM ET May 06 2014

11:35 AM New York Stocks on Wall Street declined and trade deficit and latest earnings also affected market sentiment. U.S. trade deficit in March dropped 3.6% and exports rose 2.1%. AIG reported first-quarter net declined.

U.S. market indexes declined and trade gap narrowed in March as exports surged more than imports.

S&P 500 index declined 6.63 to 1,878.06 and the Nasdaq Composite Index dropped 17.87 to 4,120.22.

U.S. trade deficit in March declined as exports increased the most in nine months, according to the Commerce Department.

Trade gap declined 3.6% to $40.4 billion from the revised February deficit to $41.9 billion. February deficit was revised from the previously reported $42.3 billion.

Exports rose 2.1% to $193.9 billion, the most since November and exports to Canada, South Korea and Germany rose to record monthly high.

Total imports increased 1.1% to $234.3 billion in March and imports from China increased 1.6% and exports to the second largest economy surged 9.6%.

Trade deficit with China decreased to $20.4 billion to $20.9 billion from February.

World Markets

In London trading, FTSE 100 index fell 0.4% or 29.45 to 6,792.97 and in Frankfurt the DAX index dropped 0.7% or 71.13 to 9,458.37.

In Paris, CAC 40 index slipped 0.7% or 29.45 to 4,433.24.

The Sensex Index increased 63.30 or 0.3% to close at 22,508.42. The CNX Nifty rose 15.95 to close at 6,715.30.

Australian dollar closed higher at 92.88 U.S. cents and stock market trading turnover declined to 529 million shares worth $3.12 billion.

The ASX 200 index gained 19.20 or 0.5% to 5,481.40 and the broader All Ordinaries increased 19.30 to 5,462.70.

U.S. Stocks in Review

American International Group Inc (AIG) decreased 3% or $1.52 to $51.20 after the insurance company reported first-quarter net income declined to $1.61 billion or $1.09 a share from $2.21 billion or $1.49 per share.

Avago Technologies Ltd (AVGO) surged 4% to $66.89 as the company is likely to complete its acquisition of LSI Corp. Avago is scheduled to be included in the S&P 500 index.

Discovery Communications Inc (DISCA) dropped 4% to $74.76 after the educational television channels operator reported less than expected first-quarter revenues of $1.41 billion.

Office Depot Inc (ODP) soared 16% to $4.85 after the office supplies retailer reported wider-than-expected loss and said it plans to close 150 stores this year and a total of 400 stores in two years.

The retailer has 1,900 U.S. stores at the end of the March quarter.

The retailer said same-store sales in the first-quarter declined 3% after declining 4% in the previous quarter and raised its full-year adjusted earnings outlook to at least $160 million from the previous estimate of $140 million.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc