US close: Stocks end lower as China data weighs and ahead of key earnings
US stocks ended lower as weak Chinese trade data reignited fears of a slowdown in the world’s second-largest economy and as nerves crept in about the upcoming earnings season.
The Dow Jones Industrial Average snapped a seven-day wining streak to close down 0.3%, while the S&P 500 fell 0.7% and the Nasdaq slid 0.9%, both snapping four-day winning streaks.
Figures released early on Tuesday showed dollar-denominated exports in China dropped 3.7% in September from a year earlier, while imports fell 20.4%, marking their eleventh consecutive month of decline. Exports were better than expected but imports were weaker, raising doubts over domestic demand and compounding fears of a slowdown.
As well as the disappointing data, market commentators pointed to nerves as the earnings season gets in full swing. Results from Intel, CSX and JP Morgan Chase & Co were on tap after the close, while Goldman Sachs, Bank of America, and General Electric are due to report this week.
US-listed shares of Anheuser-Busch InBev and SABMiller rallied after SABMiller’s board agreed on the key terms of a sweetened potential takeover offer worth £68bn.
Shares in Molson Coors Brewing Company rocketed as investors bet that a merger between AB Inbev and SABMiller would result in SABMiller's disposal of a 58% stake in a US joint venture with Molson Coors, as required by US federal antitrust regulations.
Elsewhere, Twitter gained after announcing plans to cut 8% of its global workforce in a bid to improve efficiency.
On the downside, healthcare company Johnson & Johnson slipped after its third-quarter results failed to impress.
Shares in transport and supply-chain management company Ryder System tumbled a day after it cut its earnings outlook for the rest of the year.
In commodities, oil prices fell, with West Texas Intermediate down 1.4% to $46.49 a barrel and Brent 1.9% weaker at $48.92 a barrel.
The dollar advanced 0.6% against the pound, but slipped 0.2% against the yen and the euro, while gold futures nudged up 0.3% to $1,168.00.
On the economic data front, the National Federation of Independent Business said its index of small optimism rose from 95.9 in August to 96.1 last month, beating analysts’ expectations for a 95.5 reading.
“We view the sustained upward momentum in business sentiment as an important building block toward better private investment in the US,” Barclays’ analysts said.
S&P 500 - Risers
Molson Coors Brewing Co. Class B (TAP) $86.58 +9.94%
Rowan Companies plc (RDC) $19.87 +2.38%
Aetna Inc. (AET) $113.16 +2.29%
Anthem Inc (ANTM) $146.53 +1.86%
Avon Products Inc. (AVP) $3.90 +1.83%
St Jude Medical Inc. (STJ) $66.49 +1.68%
United States Steel Corp. (X) $11.89 +1.67%
Humana Inc. (HUM) $184.40 +1.59%
CF Industries Holdings Inc. (CF) $51.08 +1.39%
Unitedhealth Group Inc. (UNH) $124.00 +1.22%
S&P 500 - Fallers
Ryder System Inc. (R) $68.63 -9.28%
Peabody Energy Corp. (BTU) $21.05 -6.24%
Denbury Resources Inc. (DNR) $3.30 -4.90%
Monster Beverage Corp (MNST) $131.68 -4.20%
Alexion Pharmaceuticals Inc. (ALXN) $153.25 -4.13%
Allergan plc (AGN) $262.11 -4.13%
Valero Energy Corp. (VLO) $62.16 -3.63%
Avago Technologies Ltd. (AVGO) $113.42 -3.62%
Invesco Ltd. (IVZ) $31.46 -3.59%
Regeneron Pharmaceuticals Inc. (REGN) $508.04 -3.57%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $124.00 +1.22%
Goldman Sachs Group Inc. (GS) $180.97 +0.41%
Walt Disney Co. (DIS) $106.59 +0.23%
E.I. du Pont de Nemours and Co. (DD) $55.76 +0.18%
Apple Inc. (AAPL) $111.79 +0.17%
McDonald's Corp. (MCD) $103.38 +0.14%
Verizon Communications Inc. (VZ) $44.36 +0.14%
Visa Inc. (V) $75.00 +0.01%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $49.47 -2.45%
United Technologies Corp. (UTX) $94.28 -1.21%
International Business Machines Corp. (IBM) $149.62 -1.01%
American Express Co. (AXP) $76.60 -0.92%
Coca-Cola Co. (KO) $41.65 -0.83%
General Electric Co. (GE) $27.87 -0.78%
Pfizer Inc. (PFE) $32.99 -0.69%
3M Co. (MMM) $149.11 -0.63%
Johnson & Johnson (JNJ) $95.45 -0.56%
Intel Corp. (INTC) $32.04 -0.53%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $219.25 +1.70%
Baidu Inc. (BIDU) $146.50 +1.69%
Autodesk Inc. (ADSK) $52.08 +1.03%
F5 Networks Inc. (FFIV) $120.62 +1.02%
Alphabet Inc. Class A (GOOGL) $683.17 +1.00%
Activision Blizzard Inc. (ATVI) $32.88 +0.92%
Alphabet Inc. Class C (GOOG) $652.30 +0.87%
Expedia Inc. (EXPE) $128.10 +0.85%
Micron Technology Inc. (MU) $18.18 +0.83%
Liberty Global plc Series A (LBTYA) $44.66 +0.74%
Nasdaq 100 - Fallers
Monster Beverage Corp (MNST) $131.68 -4.20%
Alexion Pharmaceuticals Inc. (ALXN) $153.25 -4.13%
Avago Technologies Ltd. (AVGO) $113.42 -3.62%
Regeneron Pharmaceuticals Inc. (REGN) $508.04 -3.57%
Amgen Inc. (AMGN) $147.58 -3.56%
Mylan Inc. (MYL) $41.42 -3.45%
Vertex Pharmaceuticals Inc. (VRTX) $109.40 -3.40%
Netflix Inc. (NFLX) $109.73 -3.28%
Biogen Inc (BIIB) $256.04 -3.26%
Celgene Corp. (CELG) $113.77 -3.26%