Stocks are selling off in the AM after being closed on Monday in observance of the Martin Luther King Jr. holiday. Global growth concerns are weighing on investor optimism after China reported its weakest economic growth rate since 1990. This report comes on the heels of weaker-than-expected factory production, car sales, and consumer spending readings out of the world’s second largest economy. The S&P500 is currently trading at 2,642.62, 1.05% lower.
Treasuries are gaining to begin Tuesday’s trading session on the back of weaker-than-expected economic data, and a downgraded outlook for global growth in 2019/2020 from the International Monetary Fund. The IMF lopped 0.2 and 0.1 percentage points from 2019/2020’s growth outlook respectively, as global economic data continues to look frail. Last week, the U.S. 10 Yr Note added about 8bps as the U.S. and China seemed to make headway in their trade negotiations. The U.S. 10-Yr Note is currently trading at 2.7499%, 0.0325 lower.