Stocks finished lower Monday. The Dow fell 86 points to 23,909. The S&P 500 slipped 13 points to 2,582 while the Nasdaq Composite was off 65 points to 6,905.
The major averages declined in back-to-back sessions for the first time in 2019 amid renewed fears of slowing global economic growth. Overnight, an update out of China revealed exports unexpectedly fell 4.4% from the same time last year in December, well below expectations of a 2.5% increase. Corporate announcements will garner an outsized focus this week as this morning marked the “unofficial” start of fourth quarter earnings season. There were no notable data releases today as the economic calendar remains light, due to the lingering partial government shutdown.
Ten of 11 S&P 500 sectors finished in negative territory. Utilities were the laggard as PG&E tumbled 52.4% to $8.38 after announcing plans to file for bankruptcy protection. Technology shares also underperformed as Apple lost 1.5% to $150.00. Financials bucked the downtrend as Citigroup added 4.0% to $58.93 after topping analyst earnings estimates. In other earnings news, shares of Lulu Lemon advanced 5.7% to $139.73 after the woman’s athletic apparel maker topped analyst profit projections and raised its forward guidance.
Breadth was negative on issues by 3:2 on the NYSE and 2:1 on the NASDAQ. Composite NYSE volume totaled more than 3.6 billion shares.
Treasuries finished mixed as the yield on the 10-year note advanced one basis point to 2.70%. In commodities, WTI crude slipped 1.8% to $50.65/barrel. COMEX gold added 0.2% to $1291.80/ounce.