US open: Stocks open lower as Chinese data fuels concerns surrounding economic slowdown
By Iain Gilbert
Date: Monday 14 Jan 2019
(Sharecast News) - US stocks opened the week lower on Monday following the release of weak Chinese trade figures, as investors eyed the start of earnings season.
At 1510 GMT, the Dow Jones Industrial Average was 0.44% lower at 23,891.08, while the S&P 500 dropped 0.58% to 2,581.33 and the Nasdaq traded 0.93% weaker at 6,906.88.
Data out earlier revealed that imports in China fell 7.6% on the year in December, while exports were down 4.4%, versus expectations for 3% and 5.4% increases, respectively. The figures also showed that China's trade surplus with the US hit a record high last year.
The Dow started the week 220 points lower, although it did manage to pare some of its earlier losses, as a result of the disappointing trade data from China overnight, which served to reignite fears of a global economic slowdown.
Investors will be keeping a keen eye earnings this week as JPMorgan Chase and several others are expected to turn in results.
The USD slipped 0.06% against the GBP to 0.7782.
In energy news, West Texas Intermediate was down 0.68% to $51.24 a barrel, while Brent Crude was trading 0.53% lower at $60.16 each.
On the corporate front, Goldcorp was up 10.89% in early trade after agreeing to be bought by Newmont Mining in a stock-for-stock transaction valued at $10bn.
Gannett shares surged 15.14% after MNG Enterprises made an unsolicited buyout offer of $12 per share in cash for the publisher.
Elsewhere, PG&E tanked 47.4% at the bell after the utility said it was planning to file for bankruptcy.
Lastly, Citigroup ticked up 2.42% after its fourth-quarter profits wer better than expected but revenues fell short of estimates.
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