Stocks opened the new trading week down as China‘s exports unexpectedly declined by the most in two years in December, while the country posted its biggest trade surplus with the United States on record in 2018, which could turn up the heat on Beijing in its bitter trade dispute.
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All three major U.S. indexes fell Monday with the Dow Jones Industrial Average down triple digits.
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In the U.S., bank earnings season kicked off with results from Citigroup.
The bank reported an adjusted fourth-quarter profit of $1.61 per share or $4.22 billion. The per-share number topped the estimate for $1.55. Revenue fell 2 percent to $17.1 billion, which fell short of the estimate for $17.55 billion.
JPMorgan Chase & Co and Wells Fargo & Co are set to report their results on Tuesday.
Shares of California utility PG&E tumbled after the utility’s CEO resigned as the company planned a bankruptcy filing.
The China data hit markets in Asia particularly hard.
Hong Kong’s Hang Seng closed down 1.4 percent.
China’s Shanghai Composite ended the session down 0.7 percent.
Japan’s Nikkei was closed for a holiday.
European markets are reacting much the same way. London’s FTSE traded 0.9 percent lower, Germany’s DAX is off 0.5 percent and France’s CAC is down 0.6 percent.
U.S. stocks closed slightly lower on Friday, ending a five-session winning streak that had pulled two key equity averages out of correction territory.
Despite the negative closing, all three major stock averages