Monday's Stock Market Open: US Equities Open Lower On Chinese Exports, Trade Deal

U.S. equity indexes traded lower on Monday on some troubling economic data from China and worries over when a U.S.-China trade deal will emerge

The Dow Jones Industrial Average fell 66.24 points to 27,948.82 while the S&P 500 eased 2.57 points to 3,143.34 and the Nasdaq Composite Index slipped 5.94 points to 8,650.59.

Data from China suggests Beijing’s trade war with the U.S. is hurting their bottom line. Chinese exports to the U.S. plunged by 23% year-over-year in November to $35.6 billion, while imports of U.S. goods fell 2.8% at $11 billion. China’s global exports slipped 1.1% to $221.7 billion.

China’s commerce ministry said on Monday that the government hopes trade talks with the U.S. will result in a “satisfactory” outcome.

Traders remain vigilant for signs of a phase 1 trade deal between U.S. and China ahead of a Dec. 15 deadline that could see Washington impose more tariffs on Chinese imports.

Britain's Tullow Oil plunged by as much as 50% on Monday after its Chief Executive Officer Paul McDade resigned and the company suspended its dividend due to missed production targets in Ghana. Tullow also lowered its 2020 output guidance to 80,000 barrels per day.

Tullow further said it was willing to listen to takeover offers.

French pharmaceutical company Sanofi (SNY) said on Monday that it will buy biotechnology firm Synthorx Inc. (THOR) for about $2.5 billion.

Overnight in Asia, markets finished mixed. The Hang Seng edged down 0.01% while Japan’s Nikkei-225 climbed 0.33% and China’s Shanghai Composite advanced 0.08%

European markets closed lower with the FTSE 100 down 0.08% while Germany's DAX fell 0.46% and France's CAC 40 dropped 0.59%.

Crude oil futures dropped 0.2% to $59.08 per barrel and Brent crude slipped 0.16% at $64.29. Gold futures fell 0.04%.

The euro gained 0.03% to $1.1064 while the pound sterling edged up 0.0016% at $1.3154.

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