Stocks Post Modest Losses On China Data - U.S. Commentary

(RTTNews) - Stocks are falling in early trading on Tuesday. Overseas weakness spilled over into early Wall Street action, as disappointing trade data from China stirred lingering fears of a global economic slowdown.

The major averages dropped at the outset of trading and have bounced around during morning action. They are currently showing modest losses, hovering off their lows of the day.

The Dow is down 110 points, or 0.7 percent, to 16,963. The Nasdaq is lower by 34 points, or 0.7 percent, to 4,675. The S&P 500 has fallen 17 points, or 0.9 percent, to 1,985.

Oil prices, which have been a key market driver in recent months, are showing weakness as well. Crude is down 75 cents, or nearly 2 percent, to $37.18 a barrel.

China's exports plunged in February, largely reflecting the shift in the timing of Chinese New Year, official data revealed Tuesday.

Exports tumbled 25.4 percent year-on-year in February, the biggest fall since May 2009, the General Administration of Customs reported. Economists had forecast a 15 percent drop, following the 11.2 percent decline in January.

Looking overseas, Asian stocks mostly succumbed to selling pressure. The Chinese market was able to recover from an early decline to post a slight gain on the day. However, Japan's Nikkei average dropped 128.17 points or 0.76 percent to 16,783.15.

European stocks are down on the session. The U.K. and France are both lower by 0.7 percent. Germany is down 0.6 percent.