Dow Downed by Tech in China Concerns By


© Reuters. – Wall Street closed lower on Monday, despite recovering some of its intraday losses, as the downturn in tech stocks over concerns about global growth outweighed the increase in the finances led by Citigroup .

The drop fell 0.36%, but closed well above its low session of 23,765.24. The loss was 0.59%, while the fall fell 0.94%.

Citigroup (NYSE 🙂 kicked off its fourth-quarter earnings season with a bang-to-bang, while revenue lost consensus estimates, sending its shares 4% higher.

Citigroup's mixed report did little to dissuade market participants, as investors viewed the recent settlement as "perhaps more than finished, given the overall quality of the Citigroup report," according to

The rise in Citigroup has triggered a surge in purchases from other banking stocks such as JPMorgan (NYSE 🙂 and Wells Fargo (NYSE :), both of which are scheduled to release quarterly results on Tuesday, ended the day on a bullish footing.

Profits rose 1 percent, but gains in the broader market were stifled by a slump in tech stocks after China's weaker trade data raised concerns about slowing global growth.

Among Fang's shares, Netflix (NASDAQ 🙂 and Alphabet (NASDAQ 🙂 fell 1%, while Apple fell 1.5% as analysts urged the iPhone maker to cut prices for its latest smartphones in China and consider content "significant" acquisitions to boost service growth in 2019.

"Apple needs to aggressively reduce prices in China on the iPhone XR, in addition to considering significant acquisitions of content to boost services in the coming years," Wedbush said in a note to customers.

Apple has also been pressured by new signs of declining demand for the iPhone after its supplier, Dialog Semiconductor, unveiled the first revenue results in the shortest expected range.

Energy names, meanwhile, struggled to move up after US oil prices plummeted 2.1 percent, as concerns about slowing growth in China, the world's second-largest oil consumer, raised concerns about a deceleration in demand.

In corporate news, Pacific Gas & Electric (NYSE 🙂 plummeted 52% after the utility said it would file for bankruptcy and its chief executive will resign.

The week's moderate start to US stocks comes as analysts suggest that there is more room for growth as the economy is better positioned than its global counterparts to weather the storm, either internally or beyond its borders.

"We believe that this strategic overweight [to U.S. stocks] is still guaranteed. Although the US is not immune to events beyond its borders, the country is better positioned to face future storms than virtually any other. It's also tough enough to absorb uncertainty from within, "said Goldman Sachs (NYSE 🙂 in a note.

Top S & P 500 Gainers and Losers Today:

Citigroup (NYSE :), The Goodyear tire & Rubber (NASDAQ 🙂 and State street Corp (NYSE 🙂 was among the top S & P 500 winners for the session.

Pacific Gas & Electric (NYSE :), Mining Newmont Corporation (NYSE 🙂 and Western Digital Corporation (NASDAQ 🙂 were among the worst S & P 500 of the session.

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