U.S. Stocks Down, Financials and Basic Materials Lead Decline

U.S. stocks are trading down on Thursday's morning session on disappointing economic data from China and downbeat earnings from banking giant JPMorgan Chase (NYSE:JPM).

The S&P 500 Index fell 15.05 points, or 1.25 percent, to trade 1,192.20 at 11:10 a.m. ET. The Dow Jones Industrial Average declined 122.72 points, or 1.07 percent, to trade at 11,396.13. The Nasdaq Composite fell 0.54 percent.

The Chinese government reported disappointing trade data for September, showing a growth of only 17 percent from a year ago for exports and a growth of only 21 percent from a year ago for imports.

In August, exports growth was 25 percent and imports growth was 30 percent.

Basic materials stocks fell on this report because slowing trade growth from China reflects general weakness in the global economy. Freeport-McMoRan Copper & Gold (NYSE:FCX) fell 3.57 percent.

JPMorgan Chase (NYSE:JPM) reported earnings of $1.02 per share Thursday morning. However, without the accounting gain from the change in the value of its liabilities, it only earned $0.73 per share compared to $1.01 per share in the same period last year.

JPMorgan shares are down 5.96 percent and Citigroup (NYSE:C) shares plunged 6.03 percent.

After the market closes on Thursday, tech giant Google (NASDAQ:GOOG), currently up 0.43 percent, will report earnings.