Summary: What a way to ring in the New Year. U.S. stocks opened sharply lower on the first trading day of the year as a selloff in China stocks fanned fears of slower global growth. China's benchmark Shanghai Composite index fell 7 percent on Monday. The declines were so deep, circuit breakers kicked in to halt trading. Fresh manufacturing data showed further declines in China's manufacturing sector. Meanwhile back in the U.S., General Motors (GM) announced a $500 million investment in car service app Lyft, a smaller competitor to Uber. The new investment now values Lyft at $4.5 billion, a drop in the bucket compared to Uber's $62.5 billion valuation. Tesla (TSLA) shares were lower after the company said it delivered 17,400 vehicles during fourth quarter. While that's up from the nearly 12,000 sold during third quarter, it was at the low end of its guidance, which ranged from 17,000 to 19,000. Finally, it was another blockbuster weekend for Disney's (DIS) latest hit ‘Star Wars: The Force Awakens’ as the film topped the box office in North America for the third weekend in a row. TheStreet’s Scott Gamm has details from Wall Street.
