US stocks lower ahead of key retail sales, earnings

NEW YORK (AFP) - Wall Street stocks opened lower Monday, handing back a fraction of recent gains ahead of key US retail sales and earnings reports.

Analysts cited weak Chinese industrial and retail sales data that prompted the People s Bank of China to cut interest rates. The disappointing data was compounded by a gloomy reading from the New York Federal Reserve Bank on regional manufacturing activity.

Market watchers said stocks were positioned for a pullback following the market s buoyant performance in July and the first part of August.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 33,701.22.

The broad-based S&P 500 shed 0.3 percent to 4,266.78, while the tech-rich Nasdaq Composite Index declined 0.2 percent to 13,016.21.

This week s schedule will offer a window into the state of the US consumer, with government data on retail sales for July coming Wednesday, and earnings reports from Walmart, Home Depot and other giant chains.