The Dow Jones industrial average lost 13 points, or 0.1 per cent, to 17,116. The Nasdaq composite climbed 0.2 per cent to 4,838.64.
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Eli Lilly plunged 8 percent after saying it would abandon the development of a heart disease drug.
optionMONSTER’s proprietary researchLAB market scanner shows that energy stocks fell out of favor as crude oil dropped yesterday, with shale gas companies, land drillers, and fracking names leading as the worst-performing groups.
EARNINGS OUTLOOK: JPMorgan Chase, Bank of America and Citigroup are among the banks that will report third-quarter earnings this week.
S&P 500 companies are expected to report a 4.8 percent fall in third-quarter profit, the biggest decline in six years, according to Thomson Reuters data.
The third-quarter earnings season, which picks up steam this week, will give investors another view on economic growth.
The remarks come after comments from various Fed members over the past couple of days, with the centrist Dennis Lockhart reiterating the case for an interest rate lift-off this year, while Lael Brainard called for no change given downside risks. That signal was reinforced Thursday, when the minutes from the September Fed meeting showed policymakers are too concerned about low inflation and the slowdown in China to raise interest rates.
Investors are split on how the earnings season will impact the stock market, which has rallied more than 7% from its lows back in late August.
US stock-index futures tracked losses in global equities after weaker-than-expected Chinese import data reignited growth concerns.
“It’s the first piece of news we’ve gotten out of China for a few time and those weak import numbers add evidence that their economy hasn’t strengthened since we last got data on the PMI readings”, said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. The slowdown has sent shockwaves through economies that supply raw materials and components to China’s vast manufacturing industry.
The Stoxx Europe 600 slipped 0.7%, paring earlier declines. Britain’s FTSE 100 declined 0.4 percent and Germany’s DAX slid 0.9 percent. China’s Shanghai composite index finished 0.2 percent higher at 3,293.23 after trading lower, while Hong Kong’s Hang Seng index shed 0.6 percent to 22,600.46.
Japan’s Nikkei 225 fell 1.1 percent to 18,234.74 and South Korea’s Kospi was down 0.1 percent at 2,019.05.
The USA dollar traded a touch higher against major world currencies, with the euro above $1.136 and the yen at 119.85 yen against the greenback.
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While the stock market was open Monday, bond trading was closed in observance of the Columbus Day holiday.
