Manufacturing slowdown in China pulls stocks lower
NEW YORK (AP) — Signs of weakness in China’s economy and some disappointing corporate earnings are dragging the stock market lower in early trading.
China’s manufacturing contracted in April for the fourth straight month, but the pace of decline was less severe.
Pfizer fell 2 percent after the drug company said its first-quarter profit dropped 15 percent despite sharp cost-cutting.
The Dow Jones industrial average lost 98 points, or 0.6 percent, to 16,414 in the first few minutes of trading Monday.
The Standard & Poor’s 500 index fell nine points, or 0.5 percent, to 1,871. The Nasdaq composite lost 23 points, or 0.6 percent, to 4,100.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.58 percent, matching its lowest level of the year.