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NEW YORK (CNNMoney)
That's how investors were feeling Monday, after they awoke to disappointing news that China's economic growth had slowed in the first quarter.
Stocks around the globe sold off, gold prices plunged, and investors sought safety in U.S. Treasuries. The yield on the 10-year Treasury note slid to 1.71%.
The Dow Jones industrial average fell 0.4%, while the S&P 500 and the Nasdaq both slipped 0.6%.
The sell-off in gold spilled over to mining stocks. Shares of Newmont Mining (NEM, Fortune 500), Rio Tinto (RIO), Freeport-McMoran Cooper and Gold (FCX, Fortune 500), and Rangold Resources (GOLD) dropped more than 5%. Popular gold ETF SPDR Gold Trust (GLD) fell 5%.
What happened in China? The Chinese economy grew 7.7% in the first quarter, compared with a year earlier. That was weaker than the 8% growth economists had been expecting, and because it reflected weak global demand for Chinese goods and services, the news also drove stocks in Asia and Europe lower.
The Shanghai Composite lost 1.1%, the Hang Seng declined 1.4% and the Nikkei dropped 1.6%. European markets took their cue from Asia, with London's FTSE falling 0.9%.
China is the world's second-largest economy after the United States, and is considered one of the top engines of global economic growth. Case in point: 7.7% growth per year is considered weak there, whereas lately, the U.S. economy would be lucky to grow around 3% a year.
A separate report also showed industrial production growth slowed sharply in China in March. Heavy manufacturing related to steel, power and telecommunications equipment showed the most weakness.
The Australian and New Zealand dollars both fell against the U.S. dollar following the weak China data since both countries rely heavily on China as an importer of their raw materials. news.
Bracing for barrage of bank and tech earnings. On the flipside, good news came from Citigroup (C, Fortune 500), after the bank reported a better-than-expected 30% jump in net income, to $3.8 billion. Revenue also topped forecasts, rising 6% in the latest quarter. Citigroup shares rose 3% in morning trading.
Goldman Sachs (GS, Fortune 500), Bank of America (BAC, Fortune 500) and Morgan Stanley (MS, Fortune 500) are on tap to report results later this week. Tech giants will also report results later this week, with Yahoo (YHOO, Fortune 500), Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500)all on deck.
Related: Fear & Greed Index slides into neutral
In corporate news Monday, Dish (DISH, Fortune 500) said it is bidding $25.5 billion to buy Sprint Nextel (S, Fortune 500), countering an agreement between Sprint and Japan's Softbank. Sprint's stock price surged 15.8% in morning trading.
Thermo Fisher Scientific (TMO, Fortune 500) signed an agreement to acquire Life Technologies (LIFE) in a deal valued at $13.6 billion, plus debt. Life Technologies shares rose 8% and Thermo Fisher rose 4%.
Mixed bag of economic news. A major survey of U.S. homebuilders showed the housing recovery may have lost some of its steam in March. The news weighed on shares of homebuilders. Hovnanian (HOV), Lennar (LEN), DR Horton (DHI) and Toll Brothers (TOL) were all lower.
Separately, the New York Fed released its monthly manufacturing survey showing that conditions for New York manufacturers improved slightly in April. The indexes for general business conditions and new orders remained positive, despite modest month-to-month declines.
In case you wondering: 心情不好 is "bad mood" in Chinese. That's pronounced sin-chin-bu-hao. 
First Published: April 15, 2013: 9:55 AM ET
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