(MENAFN- AFP) US stocks dropped in mid-morning trade Monday, continuing the downward tilt after last week's losses as investors awaited a heavy week of earnings.
About 60 minutes into trade, the Dow Jones Industrial Average stood at 16,478.21, down 65.89 points (0.40 percent).
The broad-based S&P 500 lost 12.36 (0.65 percent) at 1,893.77, while the tech-rich Nasdaq Composite Index sank 41.36 (0.97 percent) to 4.234.87.
US stocks suffered a massive sell-off last week, with the S&P 500 shedding more than three percent on global growth fears and the Dow ending in negative territory for the year.
All three indices opened higher Monday after customs data showed Chinese exports rose 15.3 percent in September, more than the 12.5 percent projected by analysts.
But the market veered into the red soon after the open as traders awaited earnings reports Tuesday from Dow members JPMorgan Chase and Johnson & Johnson, among others. Tech giants Google and Intel report later in the week.
Department-store chain J.C. Penney gained 3.1 percent as it announced that Marvin Ellison, executive vice president of Home Depot, would become chief executive on November 1. Dow member Home Depot fell 1.1 percent.
Freight rail company CSX shot up 10.2 percent following reports it was approached by Canadian Pacific about a merger. Canadian Pacific gained 1.1 percent. Norfolk Southern, another big rail company, rose 3.8 percent.
Targa Resources Partners will buy fellow midstream company Atlas Pipeline Partners and Atlas Energy for $7.7 billion, the companies announced. Targa fell 8.7 percent, while Atlas Pipeline Partners advanced 1.1 percent and Atlas Energy jumped 17 percent.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.29 percent from 2.31 percent Friday, while the 30-year dropped to 3.01 percent from 3.04 percent. Bond prices and yields move inversely.
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