Stocks Opened Lower on China Data, Greek Worry

U.S. stocks opened lower on Monday, on the heels of disappointing economic data out of China and signs of rising tensions surrounding Greek debt negotiations. The Dow Jones Industrial Average lately slumped 50.70 points, or 0.28%, to 17,773.59. The S&P 500 was down 3.17 points, or 0.15%, to 2,052.30. The Nasdaq Composite fell 5.73 points, or 0.12%, to 4,738.67.

China’s exports posted a surprising drop in January, suggesting that factories were grappling with sluggish demand from abroad as well as at home, Exports fell 3.3% in January from a year earlier, data from the General Administration of Customs showed Sunday.

Greece’s Prime Minister Alexis Tsipras on Sunday dismissed the country’s European Union and International Monetary Fund bailouts and said he wouldn’t ask EU leaders for any extension. The country has until Feb. 16 to make the request.

McDonald’s said Monday that a key global sales metric fell 1.8 percent in January, weighed down by persistent struggles in Japan and China. Sales at locations in the Middle East, Africa and the Asia-Pacific region open at least 13 months dropped 12.6 percent. That showing more than offset a 0.4 percent rise at U.S. locations and a comparable 0.5 percent increase in Europe.

Brent crude prices rose above $58 a barrel on Monday after OPEC forecast demand for its oil would be greater than expected in 2015 and the number of U.S.