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Wall Street snapped a three-day winning streak Monday. Weak Chinese data showing shrinking exports for a fourth straight month raised investor concerns about a slowdown in the world's second largest economy. Defensive sectors like healthcare and telecom led the decline, dragging down the markets down more than three-tenths percent.
Catalyst Funds chief investment officer, David Miller:
SOUNDBITE: CATALYST FUNDS CHIEF INVESTMENT OFFICER, DAVID MILLER (ENGLISH) SAYING:
"It's just up so much that some of the buying action has reached a climax and plateaued some, but frankly, I think it's a lot nothing. Down 20 bips, up 20 bips, it's for the most part, just noise."
A flurry of M&A deals announced Monday sent some shares surging. Among them: Shares of ArQule doubled on news Merck is buying the cancer drug developer for $2.7 billion and Synthorx shares more than doubled. But overall, it was a down day for healthcare stocks.
Apple declined even AS its TV news drama "The Morning Show" earned three Golden Globe nominations.
3M shares fell. Citigroup downgraded the industrial conglomerate's shares to "neutral" from "buy."