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US: Stocks dip on trade, eurozone data


[NEW YORK] Wall Street stocks on Tuesday opened lower as the European Union slashed its economic forecast and the US reported a higher trade deficit.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,356.99, down 9.25 points (0.05 per cent).

The broad-based S&P 500 dipped 3.58 (0.18 per cent) to 2,014.23, while the tech-rich Nasdaq Composite Index shed 12.72 (0.27 per cent) to 4,626.19.

The EU cut its 2014 growth forecast for the 18-country eurozone to just 0.8 per cent from the previous 1.2 per cent, warning that France and Italy remain huge problems for the sluggish economy.

The US trade deficit widened in September to US$43.0 billion as exports slowed and imports remained flat from the previous month.

Investors also awaited results from the midterm congressional elections. Analysts expect Republicans to win a majority in the Senate, giving them control of the entire Congress for President Barack Obama's final two years in office.