Stocks are in the red

Traders and investors are back from their long holiday weekend.

Well, at least some of them are.

On what’s expected to be a low volume day, stocks are in the red.

The Dow is down (%), the S&P 500 is down (%), and the Nasdaq is down (%).

This follows a 2.6% tumble overnight in China’s Shanghai Composite index.

Oil prices remain volatile with WTI crude down 2.6% and Brent crude down 2.4%.

Among the major movers are Fitbit, the wearable health technology company. Fitbit is the top app in Apple’s App Store, suggesting huge holiday sales.

FIT is up 4% in early trading.

On the losing side is Valeant Pharmaceuticals, which was down 5% in early trading.

Following reports that its CEO Mike Pearson was being treated for a severe case of pneumonia, Valeant announced that Pearson was officially taking a medical leave of absence.

The economic data calendar is light today. At 10:30 a.m. ET, we’ll get the Dallas Fed manufacturing report.

“As one would expect given the plunge in oil prices, the Dallas Fed manufacturing activity index has run in contractionary territory throughout 2015,” Wells Fargo’s Sam Bullard said. “Renewed weakness in oil prices in December likely kept the headline index below the expansion/contraction level for the twelfth straight month.”

That’s about it.

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