U.S. equity benchmarks opened solidly lower on Monday, amid weaker-than-expected China trade data that has helped to spark fresh concerns over a global economic slowdown.
The Dow Jones Industrial Average fell 220 points, 0.9%, at 23,775, while the S&P 500 index slipped 1% at 2,570, and the Nasdaq Composite Index retreated by 1.2% at 6,887. China reported surprisingly weak imports and exports data for December, amid a tariff spat with U.S.
In corporate news, Citigroup reported fourth-quarter profit that was better than expected but revenues were less than estimated by Wall Street analysts. The bank's results usher in the unofficial start of earnings season, with JPMorgan Chase & Co. and others expected to deliver their results later this week.