U.S. Stocks Drop on Trade Tensions, Apple Weakness
Wall Street stocks opened a holiday-shortened week on a tepid note Monday, declining amid trade war worries and weakness in tech giant Apple.
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 24,364.97.
The broad-based S&P 500 lost 0.2 percent at 2,731.32, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 7,209.75.
Investor hopes for a near-term resolution of the U.S.-China trade battle were dented by the messy conclusion of the weekend Asia-Pacific Economic cooperation summit, with Chinese President Xi Jinping and U.S. Vice President Mike Pence attacking each other in speeches.
The meeting ended for the first time in APEC history without a group communique.
Meanwhile, Apple shares shed 2.7 percent following a Wall Street Journal report that the tech giant slashed production orders for new iPhone orders.
Key economic reports this week include housing starts orders and durable goods for October.
U.S. stock markets will close Thursday for the Thanksgiving holiday and end at midday on Friday, which is known as "Black Friday," the unofficial kickoff of the holiday shopping season.
Source: Agence France Presse
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