Wall Street opens deep in red amid concerns over global economic slowdown

With global equity indexes suffering heavy losses on Monday, Wall Street opened the week sharply lower as concerns over a slowdown in the global economic growth continue to weigh on the market sentiment. As of writing, the Dow Jones Industrial Average was down 0.55% on the day while the S&P 500 and the Nasdaq Composite were losing 0.7% and 1.1%, respectively.

Earlier today, the disappointing trade data from China, which showed a decline of 7.6% in imports and 4.4% in exports, revived fears that the world's second-biggest economy is likely to continue to underperform. Meanwhile, the first batch of Q4 earnings started to come in today with Citigroup posting an unexpected fall in revenue and further damaging the risk appetite. 

All 11 major S&P 500 sectors are in the negative territory in the early trade with utilities and technology both erasing more than 1%.