Caterpillar and Nvidia warnings send Wall Street tumbling

Global bellwether Caterpillar expects ‘modest’ sales growth in 2019More

Chip company Nvidia also cited deteriorating macroeconomic conditions in China for denting consumer demand as a driver of lower profit and revenue outlook. Apple Inc. said recently that iPhone slipping in China, a rare warning of from the tech giant that posts quarterly earnings Tuesday. The yuan appreciated to its strongest against the dollar since July before Vice Premier Liu He travels to Washington for trade talks, and as the People's Bank of China freed up a potential US$37 billion for bank lending.

Nvidia's lowered guidance hit shares of other semiconductor companies, sending shares of Advanced Micro Devices down by almost 8 percent.

The beginning of the week started with investors displaying a weak sentiment towards the futures market as the U.S Stock Index Futures shows a downward trend.

According to reports, the company's sales saw a huge downfall in Asia/China.

Stocks are opening broadly lower on Wall Street as traders worry about the impact on US companies of a slowdown in China's economy. China industrial profit registered two consecutive monthly falls in December 2018, on slowing prices and weaker factory activity, suggesting that government's fiscal stimulus so far is insufficient to lift growth.

The trade meeting is just one of several big events that could swing markets in a busy week.

Crude oil prices tumbled 3% overnight on rising concerns of a demand slowdown from China and evidence of increasing U.S. oil output, which inhibits the oil market from reaching a supply-demand balance.

Stocks on Wall Street fell more than 1 percent.

In Europe, the threat of a continued economic slowdown has been hanging over what is an already contentious situation with Britain's expected departure from the European Union in March.

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OVERSEAS: The British FTSE lost 0.1 per cent. Germany's DAX fell 0.5 per cent and France's CAC 40 fell 0.78 per cent. Japan's Nikkei 225 stock index fell 0.6 per cent. Hong Kong's Hang Seng was flat, as was South Korea's Kospi.

The company expects volatile oil prices to hurt its energy and transportation business this year.

The Dow dropped 375 points, or 1.5%, on Monday morning after downbeat results from major companies reinforced Wall Street's slowdown fears.

US crude production, which rose to a record 11.9 million barrels per day late past year, has undermined sentiment in the oil market, traders said.

Benchmark 10-year U.S. Treasury notes rose 1/32 in price to push their yield down to 2.7458 percent.

Declining issues outnumbered advancers for a 4.02-to-1 ratio on the NYSE and a 3.13-to-1 ratio on the Nasdaq.

The dollar slipped to 109.36 Japanese yen from 109.64 yen late Friday.

Digger manufacturer Caterpillar's shares were down eight per cent in U.S. trading this afternoon after it announced "modest" sales increases. The euro rose to $1.1427 from $1.1414, and the British pound dipped to $1.3158 from $1.3198.

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