NEW YORK (AP) — U.S. stocks are falling Thursday, following global markets lower after a steep drop in China's exports. Mining and chemicals companies and banks are taking some of the largest losses. China is the second-largest economy in the world its weakness could slow down growth in the U.S.
KEEPING SCORE: The Dow Jones industrial average sank 174 points, or 1 percent, to 17,970 as of 11:10 a.m. Eastern time. The Standard & Poor's 500 index fell 20 points, or 0.9 percent, to 2,119. The Nasdaq composite lost 54 points, or 1 percent, to 5,185.
CHINA WORRIES: China's exports fell 10 percent in September versus a year ago. That was a much bigger drop than in August and also a larger decline than analysts expected. China has been critical to global economic growth for a quarter century. Since the summer of 2015, stocks have periodically been roiled by worries that China's economy was weakening.
BONDS: Bond prices rose sharply and yields turned lower. The yield on the 10-year Treasury note slid to 1.74 percent from 1.77 percent. That hurt banks, as it's a sign investors think interest rates will stay low and banks won't be able to make as much money from lending. Bank of America fell 37 cents, or 2.3 percent, to $15.66 and Citigroup skidded $1.05, or 2.1 percent, to $47.66.
FALLOUT: Miners and other companies that make basic materials fell tumbled. Many of those companies rely heavily on exports to China. Copper and gold producer Freeport-McMoRan gave up 76 cents, or 7.6 percent, to $9.29. Fertilizer maker Mosaic shed 67 cents, or 2.8 percent, to $23.12 while chemicals maker DuPont lost $1.60, or 2.3 percent, to $67.18. Paper and packaging company International Paper sank 97 cents, or 2.1 percent, to $45.42.
TECH TROUBLE: Technology companies that rely heavily on sales to China fell. Apple broke a seven-day winning streak and fell $1.37, or 1.2 percent, to $115.97. Microsoft lost 67 cents, or 1.2 percent, to $56.44 and chipmaker Nvidia slid $2.35, or 3.5 percent, to $64.08.
GLOBAL SLUMP: France's CAC 40 retreated 1.3 percent and Germany's DAX fell 1.2 percent. The FTSE 100 in Britain was down 0.8 percent. In Japan the Nikkei 225 lost 0.4 percent while South Korea's Kospi fell 0.9 percent. Hong Kong's Hang Seng index fell 1.6 percent. Thailand's benchmark index sank 2.4 percent after the death of King Bhumibol Adulyadej. The king had reigned for 70 years, making him the longest serving head of state in the world.
TAKEOFF: Airlines moved higher after a shaky start. Delta reported a strong profit thanks in part to cheap jet fuel, and it plans to cut capacity to deal with lower airfares and rising salaries. Delta rose 33 cents to $39.60 and American Airlines gained 64 cents, or 1.2 percent, to $53.52.
THING OF BEAUTY: Ulta Salon climbed after it raised its guidance and gave strong estimates for the third quarter. The beauty products retailer rose $17.85, or 7.5 percent, to $256.82.
LONG HAUL: Railroad operator CSX climbed after its earnings were better than expected even though coal volumes keep falling. The stock rose 36 cents, or 1.2 percent, to $30.57.
OIL: Energy companies traded lower after a strong run over the last month. Benchmark U.S. crude oil lost 48 cents, or 1 percent, to $49.70 per barrel in New York. Brent crude, the international standard, slipped 50 cents, or 1 percent, to $51.31 a barrel in London.
PUT IT ON EBAY: MercadoLibre, which runs an online marketplace and payments system in Latin America, slumped after it said eBay will sell most of its investment in the company. EBay owns about 8.1 million shares of MercadoLibre and will sell 5.5 million. MercadoLibre lost $12.15, or 6.6 percent, to $171.06.
CURRENCIES: The dollar fell to 103.43 yen from 104.25 yen. The euro rose to $1.1029 from $1.1011.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay