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US STOCKS-Wall St drops after China data, Citi results

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* Citi shares spin aloft notwithstanding warn tumble in income

* China Dec exports, imports suddenly dump

* Trade-sensitive industrials, chip bonds trip

* Indexes drop: Dow 0.45 pct, SP 0.58 pct, Nasdaq 0.96 pct (Updates to open)

By Medha Singh

Jan 14 (Reuters) – U.S. bonds slipped on Monday, dragged down by record shares, after an astonishing dump in China’s exports in Dec fanned worries of a slack in tellurian mercantile growth.

The China trade information reinforced concerns that U.S. tariffs on Chinese products were holding a fee on a world’s second-largest economy, call companies such as Apple Inc to emanate distinction warning.

Shares of chipmakers, that get a vast apportionment of their income from China, took a hit, with a Philadelphia SE semiconductor index descending 1.74 percent.

Shares of trade-sensitive Boeing Co fell 0.89 percent and those of Caterpillar Inc 1.04 percent.

Citigroup Inc kicked off fourth-quarter gain deteriorate for vast U.S. banks on a diseased note. The bank’s shares, however, topsy-turvy premarket waste to trade adult 2.28 percent.

JPMorgan Chase Co and Wells Fargo Co are set to news their formula on Tuesday. The SP financial zone , adult 0.37 percent, was a usually one among a 11 vital SP sectors trade higher.

Weighing on a benchmark index were record shares , that were down 1.17 percent, and consumer discretionary, that was off 1.73 percent.

Still, a SP 500 is about 12 percent divided from a shutting record high strike on Sept. 20 after confidence of China-U.S trade and hopes of a delayed gait of seductiveness rate hikes fueled a new convene in stocks.

At 10:05 a.m. EDT a Dow Jones Industrial Average was down 107.15 points, or 0.45 percent, during 23,888.80, a SP 500 was down 15.11 points, or 0.58 percent, during 2,581.15 and a Nasdaq Composite was down 67.27 points, or 0.96 percent, during 6,904.21.

Adding to a downbeat mood was a prejudiced supervision shutdown, that entered a 24th day, creation it a longest shuttering of sovereign agencies in U.S. history.

“The marketplace has only recouped to a turn where we are starting to see some distinction holding so any concerns relating to China, trade or a supervision shutdown will substantially import on a marketplace some-more than it would’ve final week,” pronounced Robert Pavlik, arch investment strategist and comparison portfolio manager during SlateStone Wealth LLC in New York.

“We’re saying some cautiousness streamer into a commencement of gain deteriorate as people are disturbed about superintendence and what companies are going to say, generally in propinquity to trade.”

Analysts design SP 500 companies to post a 14.3 percent expansion in fourth-quarter earnings, according to IBES information from Refinitiv. Profit for 2019 is expected to boost by 6.3 percent this year, most slower than 23.4 percent expansion in 2018.

Among other stocks, PGE Corp plunged 48.12 percent after a biggest U.S. energy application pronounced it is scheming to record for Chapter 11 failure for all of a businesses.

Declining issues outnumbered advancers for a 1.90-to-1 ratio on a NYSE and for a 1.86-to-1 ratio on a Nasdaq.

The SP index available no new 52-week highs and one new low, while a Nasdaq available 7 new highs and 8 new lows. (Reporting by Medha Singh and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Article source: https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-drops-after-china-data-citi-results-idUSL3N1ZE3ZC