Futures declined Thursday after JPMorgan Chase beat analyst expectations for profit but showed weakness internally that left traders unimpressed and followign news that Chinese trade data was weaker than expected.
JPMorgan slipped after the banking giant reported lower net income, as the European debt crisis set back corporate dealmaking. Other major U.S. banks fell following the news, including Citigroup and Morgan Stanley .
Meanwhile, Chinese trade data was weaker than expected, with the trade surplus narrowing for the second consecutive month, reigniting worries about the global economy.
On the economic front, weekly jobless claims dipped 1,000 last weekto a seasonally adjusted 404,000, according to the Labor Department, from an upwardly revised 405,000 in the prior week. Economists had forecast claims rising to 405,000 according to a Reuters poll.
Trade deficit came in slightly lower than expected at $45.61 billion in August from $45.63 billion in July, according to the Commerce Department. Economists had expected a gap of $45.8 billion, according to a Reuters poll.
And, mortgage default notices spiked in the third quarter, according to RealtyTrac data, while bank seizures of homes were down.