US stocks open lower after trade data

U.S. stocks opened lower on Friday as data showed the U.S trade deficit widened in December, and jitters over Egypt continued.

The S&P 500 Index declined 5.41 points, or 0.43 percent, to trade at 1,316.23 at 9:40 a.m. EDT. The Dow Jones Industrial Average fell 47.60 points, or 0.39 percent, to trade at 12,181.69. The Nasdaq Composite Index declined 0.24 percent.

The U.S. trade deficit of goods and services rose to $40.6 billion in December compared with a deficit of $38.3 billion in November, while markets had expected the US trade deficit to increase to $40.7 billion in December.

Embattled Egyptian President Hosni Mubarak said he has a framework to provide for a peaceful transition to a new regime at the September elections, but that he will remain in power till then.

On the corporate front, shares of Nokia Corp. (NYSE:NOK) plunged 11.95 percent to $9.59 in early trading session, following its strategic alliance with Microsoft Corp.

Expedia Inc. (NASDAQ:EXPE) shares plunged 14.36 percent to $22.00 in early trading session. Its fourth quarter net income declined 41 percent to $7.4 million or $0.25 per share due to a higher effective tax rate and increased interest expense.

The euro declined 0.63 percent to 1.3517 against the dollar and the yen declined 0.31 percent against the greenback.

Crude oil futures declined 0.37 percent to $86.41/barrel and gold futures fell 0.02 percent.

European stock markets are currently trading lower with FTSE100 down by 4.59 points, DAX30 down by 11.61 points and CAC 40 down by 18.94 points.