Thursday, December 1, 2011

Market Dips After Trade and Jobs Data; Investors Unimpressed by JP Morgan

Stock futures were lower early on Thursday as the market digested a mixed earnings report from JPMorgan Chase (JPM) and new data about trade and jobless claims.

Weekly jobless claims fell by 1,000 to 404,000. The U.S. trade gap came in at $45.6 billion in August, virtually unchanged from the prior month, and the gap with China reached a record $29 billion. Congress, meanwhile, passed trade agreements with South Korea, Panama and Colombia and authorized the government to add duties on goods from countries that manipulate their currencies (China).

JP Morgan beat analysts’ EPS expectations, but its investment banking results were weak, and shares fell 1.7% in early trading. The rest of the big banks also showed weakness.

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