Stocks are falling to start December.
In early trade on Monday, the Dow was down 81 points, the S&P 500 was down 13 points, and the Nasdaq was down 41 points.
On a percentage basis, the Nasdaq is leading losses, falling about 0.9%.
Shares of Apple were selling off hard early in the day, falling as much as 6%, and near 10:00 am ET, shares of the iPhone maker had pared some of those losses and were down about 3%.
Other tech names including Alibaba, down 4%, Yahoo, down 2%, and GoPro, down 5%, were also leading losses.
Oil stocks, which got absolutely crushed on Friday, were mixed.
WTI crude oil prices were also moving up off their overnight lows, trading near $US67 a barrel after falling below $US65 after futures opened on Sunday night.
On Monday morning, we also got two pieces of manufacturing data, which showed that in November manufacturing activity in the US held steady.
Markit’s manufacturing PMI came in at 54.8, better than the November flash reading of 54.7 but below expectations for 55.0.
In its release, Markit said, “Business conditions continued to improve across the US manufacturing sector in November, but the pace of recovery eased to its weakest since the start of 2014.”
The Institute for Supply Management’s manufacturing PMI came in at 58.7, below October’s 59.0 reading but better than the 58.0 that was expected by economists.
More to come …
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