Wall Street slipped on Monday. Tech stocks pulled the markets lower with the S&P 500 finishing down half a percent. Investors grew concerned about global growth after China reported a surprise drop in exports.
Sequoia Financial president Tom Haught:
SOUNDBITE: SEQUOIA FINANCIAL PRESIDENT TOM HAUGHT (ENGLISH) SAYING:
"I think it could be a little bit of a fallback. We had a pretty strong January so far. Certainly, in the fourth quarter, the markets were concerned about trade and the Fed. Seems like the Fed has maybe backed off a little bit so we got a bit of a relief rally in January. It may just be a bit of profit taking today."
Citigroup shares rose after it kicked off earnings season for the big banks with a surge in quarterly profit. But a sharp drop in its fixed income business slammed revenue. Shares of other banks rose, too.
PG&E shares lost half of their value. The biggest U.S. power utility said it's preparing to file for bankruptcy protection for all of its businesses. Its CEO stepped down on Sunday.
Trade sensitive stocks like Boeing and Caterpillar fell.
In Europe, the weak Chinese trade data brought the four-day rally to a halt.