U.S. equity benchmarks 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 DJIA, -0.40% fell 220 points, 0.9%, at 23,775, while the S&P 500 index SPX, -0.43% slipped 1% at 2,570, and the Nasdaq Composite Index COMP, -0.59% retreated by 1.2% at 6,887. China reported surprisingly weak imports and exports data for December, amid a tariff spat with the. In corporate news, Citigroup reported fourth-quarter profit that was better than expected but revenues were less than estimated by Wall Street analysts. The bank’s results usher in the unofficial start of earnings season, with JPMorgan Chase & Co. JPM, +0.70% and others expected to deliver their results later this week. Meanwhile, PG&E Corp. PGE, +2.70% is tumbling, after the gas-and-electric company said it plans to file for bankruptcy on or about Jan. 29. Gannett Co. Inc.’s stock GCI, +18.05% is rallying 19.6%, after private-equity firm MNG announced a deal to buyout the owner of USA Today. Separately, Shares of Goldcorp Inc. (TICKER:CA: G) were active after Newmont Mining Corp. NEM, -7.57% said it was buying the smaller mining company.
See Full Story U.S. stocks slide as China trade data spark fresh global economic worries
Wall Street is starting the week on a down note after downbeat trade data out of China. The start of earnings season, a government shutdown and more Brexit drama added to that worry list.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.