Weak forecast on Asian economy sends stocks lower

The Associated Press
Associated Press
FILE - In this Oct. 3, 2012, file photo, a trader works on the floor of the New York Stock Exchange. Stock futures are heading lower with economists growing increasingly pessimistic about Asia as well as expectations for a leaden performance from major U.S. corporations as the earnings season kicks off this week. (AP Photo/Richard Drew)

A weaker forecast of economic growth in Asia is sending stocks lower in early trading on Wall Street.

The Dow Jones industrial average is down 47 points at 13,563 shortly after the opening bell Monday morning.

The Standard & Poor's 500 index fell seven points to 1,454 and the Nasdaq composite gave up 22 points to 3,113.

European markets were also lower.

The World Bank on Monday warned of the possibility of a "more pronounced slowdown" in China, the world's second largest economy. It also cut its growth forecast for all of Asia.

Investor expectations were also weakening for the U.S. corporate earnings season, which starts Tuesday when aluminum maker Alcoa releases its quarterly results.

U.S. government bond trading was closed for the Columbus Day holiday.