NEW YORK, Jan. 14 (Xinhua) -- U.S. stocks opened lower on Monday as investors grow concerned about poor corporate profits in the new U.S. earnings season.
Shortly after the opening bell, the Dow Jones Industrial Average dropped 210.62 points, or 0.88 percent, to 23,785.33. The S&P 500 was down 24.15 points, or 0.93 percent, at 2,572.11. The Nasdaq Composite Index fell 72.70 points, or 1.04 percent, to 6,898.77.
All the 11 primary S&P 500 sectors traded lower in the morning session, with utilities and technology down 2.04 percent and 1.03 percent respectively, leading the laggards.
Before the opening bell, Citigroup reported weaker-than-expected revenue. Shares of the bank fell more than 1 percent in early trading shortly after the news. But the stock managed to turn positive after the opening bell.
Other major U.S. banks, including J.P. Morgan Chase, Goldman Sachs and Bank of America, are expected to report earnings later this week.
Investor sentiment was also dented by concerns over a slowdown of global growth and the U.S. government's record-long shutdown.
For the past week, U.S. stocks posted solid gains as progress of trade talks between China and the United States lifted market sentiment.
In the week ending Jan. 11, the Dow advanced 2.4 percent, the S&P 500 gained 2.5 percent, and the Nasdaq added 3.5 percent. Enditem
