Wall Street falls to China data, Citi results from Reuters

© Reuters. Traders work in New York at the bottom of the NYSE

From Medha Singh

(Reuters) – US equities fell on Monday, driven by technology stocks, following an unexpected decline in Chinese exports in December. This worried concern about a slowdown in global economic growth.

Chinese trade data raised concerns that US tariffs on Chinese goods are affecting the world's second-largest economy, prompting companies such as Apple Inc. (O) to warn profit.

The shares of chipmakers, which generate a significant portion of their sales from China, experienced a stroke: The semiconductor index Philadelphia SE () fell by 1.74 percent.

Shares of the trade sensitive Boeing Co (N 🙂 fell by 0.89 percent and that of Caterpillar Inc (N 🙂 1.04 percent.

Citigroup Inc (N 🙂 started the winning season for large US banks weak in the fourth quarter. However, the bank's shares returned 2.28 percent before market entry.

JPMorgan Chase & Co (N 🙂 and Wells Fargo & Co (N 🙂 report on Tuesday about their results. The S & P financials sector () (+ 0.37 per cent) was the only one among the 11 most important S & P sectors to trade higher.

In the benchmark index, technology stocks () were down 1.17 percent and non-consumer staples () up 1.73 percent.

Nevertheless, the S & P 500 is about 20 percent off its record high on September 20, after trading in China and the US was optimistic and hopes of a slow pace of rate hikes fueled a recent stock rally.

At 10:05 EDT, the Dow Jones Industrial Average () fell 107.15 points or 0.45 percent (23,888.80), the S & P 500 () fell 15.11 points, or 0.58 percent (2,581 , 15) and the Nasdaq Composite () by 67.27 points or 0.96 percent at 6,904.21.

Part of the downbeat sentiment was the partial shutdown of the government, which reached its 24th day, marking the longest closure of federal agencies in US history.

"The market has just recovered to a level where you are starting to see some profit taking, and any concerns about China, trade or the closure of the government are likely to weigh more heavily on the market than last week," said Robert Pavlik. Chief Investment Strategist and Senior Portfolio Manager at SlateStone Wealth LLC, New York.

"We see some caution at the start of the earnings season as people are worried about the advice and what the companies are going to say, especially in terms of trading."

Analysts expect S & P 500 companies to grow 14.3 percent in the fourth quarter, according to IBF's data from Refinitiv. The profit for 2019 is expected to rise by 6.3 percent this year, far less than 23.4 percent in 2018.

Among other stocks, PG & E Corp. (N 🙂 fell 48.12 percent after the largest US utility announced its decision to bankrupt Chapter 11 for all its companies.

In decreasing issues, the NYSE had a rate of 1.90 to 1 and the Nasdaq a rate of 1.86 to 1.

The S & P index did not record new highs of 52 weeks and a new low, while the Nasdaq recorded seven new highs and eight new lows.