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U.S. stocks closed lower Monday as unexpected declines in Chinese exports reignited fears of a global slowdown and sparked caution among investors as the company's earnings season opened.
Data show that China's exports unexpectedly fell the most in two years in December, and imports also shrunk. This shows that the world's second largest economy is weakening further and global demand is sluggish.
Chipmakers, which account for a large proportion of revenue from China, suffered, with the Philadelphia Semiconductor Index falling 1.6%. Technology stocks fell 0.9%, the biggest drag on the S&P 500 index.
The Dow Jones industrial average. DJI fell 86.11 points, or 0.36%, to 23,909.84; the S&P 500 index. SPX fell 13.65 points, or 0.53%, to 2,582.61; and the Nasdaq index. IXIC fell 65.56 points, or 0.94%, to 6,905.92.
As concerns about global economic growth intensify, high expectations for U.S. corporate earnings growth have faded. According to Refinitiv IBES data, analysts now expect fourth-quarter earnings of S& P 500 companies to grow 14.3% from a year earlier, compared with a 20.1% increase in October.
"It's important to see whether the slowdown is real or whether some companies are looking for excuses to fail to achieve the high growth rate last quarter," said Craig Birk, chief investment officer of Personal Capital. "If it is really slowing down, it will be reflected in this quarter's earnings."

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