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* Citi shares turn higher despite surprise fall in revenue
* China Dec exports, imports unexpectedly drop
* Trade-sensitive industrials, chip stocks slip
* Indexes drop: Dow 0.45 pct, S&P 0.58 pct, Nasdaq 0.96 pct (Updates to open)
By Medha Singh
Jan 14 (Reuters) – U.S. stocks slipped on Monday, dragged down by technology shares, after an unexpected drop in China’s exports in December fanned worries of a slowdown in global economic growth.
The China trade data reinforced concerns that U.S. tariffs on Chinese goods were taking a toll on the world’s second-largest economy, prompting companies such as Apple Inc to issue profit warning.
Shares of chipmakers, which get a sizable portion of their revenue from China, took a hit, with the Philadelphia SE semiconductor index falling 1.74 percent.
Shares of trade-sensitive Boeing Co fell 0.89 percent and those of Caterpillar Inc 1.04 percent.
Citigroup Inc kicked off fourth-quarter earnings season for large U.S. banks on a weak note. The bank’s shares, however, reversed premarket losses to trade up 2.28 percent.
JPMorgan Chase & Co and Wells Fargo & Co are set to report their results on Tuesday. The S&P financial sector , up 0.37 percent, was the only one among the 11 major S&P sectors trading higher.
Weighing on the benchmark index were technology shares , which were down 1.17 percent, and consumer discretionary, which was off 1.73 percent.
Still, the S&P 500 is about 12 percent away from its closing record high hit on Sept. 20 after optimism of China-U.S trade and hopes of a slow pace of interest rate hikes fueled a recent rally in stocks.
At 10:05 a.m. EDT the Dow Jones Industrial Average was down 107.15 points,