US stocks trade mixed as China's GDP growth disappoints and investors brace for big week of earnings

• US stocks opened mixed to start the week, coming off a week of gains spurred by lower US inflation.
• China's GDP figures for the second quarter disappointed, leading to more concern over the state of its economy.
• Earnings from Tesla and Netflix this week are due, kicking off highly anticipated Big Tech results.

Stocks traded mixed to start the week, with investors assessing weak economic growth data out of China while they braced for earnings season to kick into high gear.

China's economy grew 6.3% in the second quarter compared to a year ago, missing estimates of 7.3%. Quarter-over-quarter, growth was just 0.8%, compared t0 2.2% in the first three months of the year. The figures paint a bleak picture for the second largest economy in the world, which is dealing with slowing demand, a wobbling property sector, and a challenging currency environment for the yuan.

The slowing Chinese economy also poses questions about global growth and demand for energy commodities like crude oil, which has failed to rebound significantly this year as China's post-COVID recovery falters.

Meanwhile, investors are gearing up to sift through earnings this week. Big banks kicked off earnings season at the end of last week, painting a mostly upbeat picture of the macro landscape. Up this week are Tesla and Netflix, which are both due to report on Wednesday and will usher in the start of Big Tech earnings.

Investors are expecting second-quarter figures to be less rosy than the first quarter, but the results are seen representing a trough in corporate earnings this year.

Here's where US indexes stood shortly after the 9:30 a.m. ET opening bell on Monday:

• S&P 500: 4,509.08, up 0.08%
• Dow Jones Industrial Average: 34,502.54, down 0.02% (6.49 points)
• Nasdaq Composite: 14,151.38, up 0.27%

Here's what else is happening today:

• The Fed's "mystical" 2% inflation target is going to cost millions of Americans their jobs, BlackRock's CIO said.
• Bond ETFs have surpassed the $2 trillion milestone as asset growth explodes—and it could be just the beginning.
• Read all of the stats from China's quarterly economic report here.

In commodities, bonds, and crypto:

• Oil fell. West Texas Intermediate crude was down about 1% to $74.74 a barrel. Brent, the international benchmark, slipped 1% to $79.15 per barrel.
• Gold was down 0.6% to $1,951.40 an ounce.
• The 10-year Treasury yield edged up 1.2 basis points to 3.832%.
• Bitcoin dipped 0.3% to $30,194.