INSUBCONTINENT EXCLUSIVE:
Wall Street stocks fell in early trading Monday following weak Chinese trade data that underscored concerns about a slowing economy and as
earnings season kicked off.
About 15 minutes into trading, Dow Jones Industrial Average stood at 23,857.95, down 0.6 percent.
The
broad-based SP 500 shed 0.7 percent to 2,578.80, while tech-rich Nasdaq Composite Index dropped 1.0 percent to 6,903.26.
Chinese trade data
underscored worries about a slowdown in world's second biggest economy
The country's exports fell 4.4 percent in December from a year earlier, while imports dropped 7.6 percent, reflecting sluggish demand at
home and abroad.
Meanwhile, Citigroup posted mixed results, with better-than-expected fourth-quarter earnings, in part due to lower
expenses, but revenues that lagged expectations
One factor was a drop in Treasury trading amid heavy market volatility.
Citigroup shares were up 0.5 percent, while other large banks that
report later in week were mixed.
US stocks have risen most of January as Federal Reserve officials have signaled a cautious approach to
interest rate increases and as US-China trade talks have boosted a chance of a deal.
Those factors have offset worries about slowing global
growth and a US government shutdown that has dragged into a fourth week.
Among individual companies, utility PGE shares plunged nearly 50
percent after announcing that it will file for bankruptcy to reorganize due to massive potential liability connected to California wildfires
in 2017 and 2018.
The company also said Chief Executive Geisha Williams had stepped down and General Counsel John Simon had been tapped as
interim chief while a search is launched for a replacement.
