Stocks are lower

Stocks are having a red start on Monday following the S&P 500’s third straight weekly gain last week.

Near 9:34 a.m. ET, the Dow was down 54 points, the S&P 500 was down 7 points, and the Nasdaq was down 8 points, all less than 1%.

Commodities are also in the red this morning. West Texas Intermediate crude futures in New York fell about 2.5% to as low as $US46.47 per barrel. Copper slid 1%, while gold was down less than 1% near $US1,176.

There was big news overnight from China, as the country reported that its economy grew 6.9% as measured by gross domestic product in the 12 months to September. It was the slowest growth pace in six years.

The GDP print beat economists’ expectations. And meanwhile, some are said there were good reasons to be sceptical of the accuracy of the data.

Economic data today is light, with the National Association of Homebuilders’ housing market index due at 10:00 a.m. ET. Housing data dominate the calendar this week, and Business Insider’s Sam Ro has your complete preview of these and all the other potential market movers this week.

NOW WATCH: A new software update has turned many Teslas into self-driving cars

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.