Wall Street market report

  • Published

(Close): Shares in the US closed mostly lower on Monday, with investors cautious ahead of this week's Federal Reserve meeting.

The S&P 500 dipped 1.41, or 0.07%, to close at 1,984.13, while tech-heavy Nasdaq tumbled 48.7 points, or 1.07%, to 4,518.90.

However, the Dow Jones rose, closing 43.63 points, or 0.26% up at 17,031.14.

Disappointing industrial production data from China also dampened sentiment.

It grew 6.9% in August, the slowest pace in more than five years and below analyst forecasts.

The US Federal Reserve starts a two-day meeting on Tuesday.

A news conference will be held on Wednesday, in which the president, Janet Yellen, is expected to confirm details as to when the bank will end its stimulus measures and by implication when interest rates may start to rise.

Shares in Apple were higher after it reported record pre-orders for its latest iPhone.

The company said 4 million orders were placed within 24 hours of the new models going on sale on Friday.

"Demand for the new iPhones exceeds the initial pre-order supply and while a significant amount will be delivered to customers beginning on Friday and throughout September, many iPhone pre-orders are scheduled to be delivered in October," the company said in a statement.