Stocks Opened Lower on Global Growth Worries

U.S. stocks opened solidly lower on Monday, amid weaker-than-expected China trade data that has helped to spark fresh concerns over a global economic slowdown. The Dow Jones Industrial Average lately fell 126.55 points, 0.53%, to 23,869.40. The S&P 500 slipped 18.00 points, or 0.69%, to 2,578.26. The Nasdaq Composite retreated 68.28 points, or 0.98%, to 6,903.19.

Crude-oil futures on Monday were firmly lower, as global equity markets pulled back on further signs of weakness in China. West Texas Intermediate crude for February delivery fell 57 cents, or 1.1%, to trade at $51.02 a barrel. March Brent crude fell 54 cents, or 0.9%, to $59.93 a barrel.

China’s trade growth slowed in 2018 as a tariff battle with Washington heated up and global consumer demand weakened. Exports rose 7.1%, customs data showed Monday, down from the 7.9% reported earlier for 2017. Import growth declined to 12.9% from the previous year’s 15.9%.

Citigroup (C) kicked off earnings season for the big banks, beating on earnings but missing on revenue. The bank reported adjusted earnings per share of $1.61, beating analysts’ forecasts of $1.54. Revenue for the fourth quarter came in at $17.12 billion, missing estimates of $17.55 billion. Revenue was down 2% from the previous year.

About the Author

has written 14749 stories on this site.

Copyright © 2012 Nine Stocks