Business

US stocks fall ahead of economic data

NYSE traders Image copyright Reuters

(Close): US stocks dipped on Monday as investors prepared for a slew of economic data later in the week.

Investors are expecting the Federal Reserve to raise interest rates in June and figures on home sales, durable goods and first quarter economic growth will give a more precise sign.

The Dow Jones fell 8 points to 17492.9, while the wider S&P 500 index lost 4.2 points to 2048.

The tech-focused Nasdaq slid 3.78 points to 4765.7.

Monsanto shares were up 4.4% as Bayer offered $62bn to buy the company, which would create the world's largest agricultural firm.

Apple shares climbed 1.3% after reports it ordered at least 72 million units of the upcoming iPhone 7 - more than the 65 million predicted by analysts.

Microsoft and Verizon both fell by 1% on Monday, while shares of Tribune Publishing dropped by 15% after it rejected a second takeover offer from Gannett.

Gannett shares dropped 2.3%.