Story was updated at 4:30 p.m. EDT.
U.S. stocks closed down Tuesday after China reported lower exports for September. The weak data suggests economic growth in the world’s materials-hungry second-largest economy ticked below 7 percent in the third quarter for the first time since the 2008 global economic crisis.
The Dow Jones Industrial Average (INDEXDJX:.DJI) dropped 53.18 points, or 0.31 percent, to 17,079. The S&P 500 index (INDEXSP:.INX) lost 14.22 points, or 0.70 percent, to 2,003. The Nasdaq composite (INDEXNASDAQ:.IXIC) shed 43.13 points, or 0.89 percent, to 4,795. All 10 S&P 500 sectors were down Tuesday morning, led by health care and industrials stocks.
The U.S. third-quarter earnings season is well underway. Health care major Johnson & Johnson (NYSE:JNJ) reported better than expected third quarter profits, but it missed on revenue. U.S. bank JPMorgan Chase & Co. (NYSE:JPM) reported lower than expected earnings for its third quarter while Intel Corporation (NASDAQ:INTC) beat on earnings, which was supported by string personal computer chip sales.
European shares were down as investors pulled back from energy and materials stocks that are closely linked to Asian growth. British miners Glencore PLC (LON:GLEN) and Anglo American PLC (LON:AAL) dropped along with oil giants BP PLC (LON:BP) and Royal Dutch Shell PLC (LON:RDSA). British brewing giant SABMiller PLC (LON:SAB) rallied after announcing it agreed to be acquired by Belgian rival Anheuser Busch Inbev SA (EBR:ABI) in a deal worth about $105 billion.
Oil prices ended the day in New York down an International Energy Agency forecast of a lingering global supply glut. West Texas Intermediate crude, the benchmark for U.S. oil prices, fell 1.15 percent on the New York Mercantile Exchange to $46.56 per barrel for November delivery. On the London ICE Futures Exchange, Brent crude, the global benchmark for oil prices, declined 1.62 percent to $4.