US stocks fell on the first trading day of the year, as deepening fears of a slowdown in the Chinese and European economies rippled across global markets.

The Dow Jones Industrial Average shed 370 points, or 1.6%, to 22957 shortly after the opening bell, while the S&P 500 dropped 1.2%. Both benchmarks trimmed some of their 2018 drop in the final sessions of December but logged their worst year in a decade following a turbulent quarter. The tech-heavy Nasdaq Composite fell 1.8%, the Wall Street Journal reported.