Stocks fall as China data raises growth concerns
U.S. stocks closed lower Monday, though off their session lows, in a second straight weaker day after a surprise drop in Chinese exports renewed worries about a global growth slowdown.
China's exports unexpectedly fell the most in two years in December, and imports by the world's second-biggest economy also declined. The economic data reinforced worries that the global economy is slowing.
In the U.S., bank earnings season kicked off with strong 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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| C | CITIGROUP INC. | 69.82 | +0.88 | +1.28% |
| JPM | JPMORGAN CHASE & CO. | 248.55 | +3.79 | +1.55% |
| WFC | WELLS FARGO & CO. | 75.96 | +1.13 | +1.51% |
| PCG | PG&E CORP. | 21.35 | +0.15 | +0.71% |
Shares of California utility PG&E tumbled after the utility’s CEO resigned as the company planned a bankruptcy filing.
Tech stocks were the biggest drag among the S&P 500's 11 sectors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
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.
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Japan’s Nikkei was closed for a holiday.
European markets ended the session with losses. London’s FTSE closed down 0.9 percent lower, Germany’s DAX ended the day off 0.3 percent and France’s CAC closed down 0.4 percent.
FOX Business' Ken Martin contributed to this report.