US close: Wall Street stocks close lower on fears of global economic slowdown

US stocks closed lower on Monday following the release of weak Chinese trade figures, as investors eyed the start of earnings season.

At the close, the Dow Jones Industrial Average was 0.36% lower at 23,909.84, while the S&P 500 dropped 0.53% to 2,582.61 and the Nasdaq traded 0.94% weaker at 6,905.92.

Data out ahead of the session revealed that imports in China fell 7.6% on the year in December, while exports were down 4.4%, versus expectations for 3% and 5.4% increases, respectively. The figures also showed that China's trade surplus with the US hit a record high last year.

The Dow started the session 220 points lower, although it did manage to pare some of its earlier losses, as a result of the disappointing trade data from China overnight, which served to reignite fears of a global economic slowdown.

Investors were also keeping a keen eye earnings this week as JPMorgan Chase, Wells Fargo, BlackRock, Goldman Sachs and Netflix are all expected to turn in their fourth quarter results.

The USD slipped 0.22% against the GBP to 0.7770.

In energy news, a risk-off atmosphere pushed oil prices down on Monday, with West Texas Intermediate down 1.88% to $50.62 a barrel and Brent Crude trading 2.31% lower at $59.08 each.

On the corporate front, Goldcorp closed 7.12% higher after agreeing to be bought by Newmont Mining in a stock-for-stock transaction valued at $10bn.

Gannett shares surged 21.36% after MNG Enterprises made an unsolicited buyout offer of $12 per share in cash for the publisher and Lululemon Athletica gained 5.73% after the retailer raised its fourth-quarter revenue and earnings guidance.

Elsewhere, PG&E tanked 52.35% in the session after the utility said it was planning to file for bankruptcy.

Lastly, Citigroup ticked up 3.95% after its fourth-quarter profits were better than expected but revenues fell short of estimates.