Stocks Opened Lower with Sentiment Cautious

U.S. stocks opened lower on Monday with sentiment cautious ahead of U.S. Federal Reserve speakers, economic data and a budget battle in Washington. The Dow Jones Industrial Average lately dropped 134.72 points, or 0.83%, to 16,179.95. The S&P 500 fell 16.53 points, or 0.86%, to 1,914.81. The Nasdaq Composite
fell 38.43 points, or 0.82%, to 4,648.06.

U.S. consumer spending rose at a healthy rate in August, while income growth slowed after a big jump in July. Consumer spending advanced 0.4 percent compared to July, when spending also increased by 0.4 percent, the Commerce Department said Monday.

China’s industrial profits fell 8.8% in August from a year ago, extending July’s 2.9% fall as the slowing economy hit enterprises’ profitability. The industrial profits for January to August fell 1.9%, compared with the same period last year, according to data released by the National Bureau of Statistics on Monday.

Apple (AAPL.O) said on Monday it sold more than 13 million iPhone 6s and 6s Plus during the first weekend on the market, a new record for its marquee product. The company improved its previous record of 10 million iPhones sold in the first weekend of 2014, benefiting from the inclusion of the Chinese market.

Upscale food market operator Whole Foods Market Inc (WFM.O) said it would cut about 1,500 jobs, or about 1.6 percent of its workforce, over the next eight weeks. The cuts are aimed at reducing costs as the company invests in technology upgrades, Whole Foods said in a filing.






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