U.S. stocks fell on Monday, bringing the S&P 500 down from its latest record, as a deceleration in China's exports had investors fretting about the health of the global economy.
Wall Street's decline "is a reflection of what went on over in China; China's exports dropped pretty startling, and the Chinese are again dropping the value of their currency, which has investors worrying about the global recovery," said Chris Gaffney, a senior market strategist at EverBank.
China's exports unexpectedly fell 18.1 percent last month versus expectations of a 6.8 percent climb.
"We're the largest destination for exports from China, so investors have started questioning what retail sales will look like this week. But the weather had to affect shoppers in February, so just like we had a built in cushion for the jobs number on Friday, we're got the weather excuse for retail sales," said Gaffney.
In a speech at the Bank of France, Philadelphia Fed President Charles Plosser said harsh weather likely curbed jobs growth in February, with Plosser the latest central banker to express the view that recent softness in the labor market might be temporary.