US: Wall St slips as Apple shares fall

Traders work on the floor of the New York Stock Exchange (NYSE) on August 06, 2015 in New York City. 

PHOTO: AFP

OCT 1, 201510:21 PM

[BENGALURU] US stocks fell in early trading on Thursday as a sharp decline in Apple's shares weighed on the three major indexes.

Apple was down 2.1 per cent at US$107.9 at 10:06 am ET, erasing opening gains for US stocks.

Global markets were upbeat after data from China was not as bad as feared and investors awaited a barrage of US data.

Factory activity in China shrank again in September, leading some investors to believe that the government will be more aggressive in its measures to boost the health of the world's second-largest economy.

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Global investors will be looking to put a bruising quarter behind them - US stocks posted their worst quarter in four years, while the Shanghai stock market plunged about 25 per cent. "Historically, the third quarter tends to be a difficult quarter and the fourth quarter tends to be the best quarter of the year," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.

Investors will be parsing data released this week, with the crucial non-farm payroll numbers due on Friday, for clues on the timing of an interest rate hike by the US Federal Reserve.

REUTERS