U.S. stocks slide as China trade data spark fresh global economic worries

Reuters

U.S. equities traded lower Monday morning on weaker-than-expected China trade data that has sparked fresh concerns over a global economic slowdown.

How are major benchmarks faring?

The Dow Jones Industrial Average DJIA, -0.39% slid 145 points, or 0.6%, to 23,854, while the S&P 500 index SPX, -0.43% fell 18 points, or 0.7%, to 2,578. The Nasdaq Composite Index NQH9, -0.76% dropped 68 points, or 1%, to 6,904.  

Read: The most important skill traders need isn’t when to buy—it’s when (and what) to sell

What’s driving the market?

Appetite for perceived riskier assets such as stocks took a hit Monday, after data showed weak China imports and exports for December, which fueled worries of a slowdown in the global growth engine. And China’s trade surplus with the U.S. soared to a fresh record of $323.32 billion in 2018, while the two countries continue to try resolving those differences.

Earnings season kicked off on Monday, with Citigroup Inc. C, +3.15%  reporting its quarterly results, producing better-than-expected profit but falling below estimates on revenues. JPMorgan Chase & Co. JPM, +0.71% Wells Fargo & Co. WFC, +0.44% BlackRock Inc. BLK, -0.21% Goldman Sachs Group Inc. GS, +0.42%  and Netflix Inc. NFLX, -1.24%  are a few of the other big companies due to report this week.

Read: Citigroup is up first as big banks kick off fourth-quarter earnings season

Investors are jittery ahead of the start of the fourth-quarter earnings reporting season after high- profile warnings from Apple Inc. AAPL, -1.39%  and others.

Brexit concerns will rise to the forefront this week as U.K. lawmakers get ready to vote on Prime Minister Theresa May’s divorce deal with the European Union Tuesday. U.K. opposition leader Jeremy Corbyn said Sunday the Labour Party will push for a general election if Parliament rejects May’s deal,

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