Stocks Opened Lower after Weak China Data

U.S. stocks opened lower on Tuesday, after poor trade data out of China rekindled fears about a slowdown in the global economy. The Dow Jones Industrial Average lately fell 114.02 points, or 0.67%, to 16,959.93. The S&P 500 dropped 16.50 points, or 0.82%, to 1,985.26. The Nasdaq Composite was down 30.78 points, or 0.65%, to 4,677.47.

China’s February trade performance was far worse than economists expected, with exports tumbling the most in over six years. The data weighed on markets worldwide.

Oil prices rose one percent on Tuesday, with benchmark Brent prices hitting a three-month high on hopes for a coordinated approach by major producers to support prices. Brent crude futures were trading at $41.43 a barrel at 1257 GMT, their highest since Dec. 9, up 59 cents on the day. U.S. West Texas Intermediate (WTI) futures were up 38 cents at $38.28 a barrel.

Oil and natural gas producer Chevron Corp said on Tuesday it will slash its budget by at least 17 percent for the next two years as it finishes construction on major expansion projects and works to save cash as oil prices sit near 10-year lows.

Rooftop solar panel installer Vivint Solar Inc <VSLR.N> said on Tuesday it had terminated an agreement under which it would have been taken over by solar energy company SunEdison Inc <SUNE.N> after SunEdison failed to “consummate” the deal.