(MENAFN- Saudi Press Agency)
NEW YORK, Dhu-AlQa'dah 27, 1437, Aug 30, 2016, SPA -- U.S. stocks were slightly lower in early trading Tuesday in what looked to be another quiet day as the summer comes to an end.
Investors are waiting to see when the U.S. Federal Reserve (Fed) will raise interest rates, with the next key piece of data coming later this week in the August jobs report. Economists say they are expecting employers to have added 182,500 jobs in August and that the unemployment rate fell slightly to 4.8 percent. A strong jobs report would give the Fed additional ammunition to increase rates either at its September meeting or later this year.
Apple fell 74 cents, or 0.7 percent, to $106.08 after the European Union ruled that it has to pay $14.5 billion in back taxes to Ireland. Both Apple and Ireland said that they would appeal the decision, which the EU's latest and most aggressive move in its campaign to have multinationals pay a fair tax rate. Meanwhile, Hershey dropped $12.36, or 11 percent, to $99.30 after snack food company Mondelez International said that it was walking away from its proposal to buy Hershey for roughly $25 billion.
The dollar rose against a basket of currencies. Light sweet crude oil for October delivery declined more than 1 percent to $46.42 a barrel on the New York Mercantile Exchange, while gold futures lost $5.70 to $1,321.40 an ounce.
The Dow Jones industrial average decreased 49.52, or 0.27 percent, to 18,453.47. The broader Standard & Poor's 500 index fell 3.66, or 0.17 percent, to 2,176.54. The technology-heavy Nasdaq composite index dropped 10.01, or 0.19 percent, to 5,222.37.
--SPA
20:39 LOCAL TIME 17:39 GMT
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