US: Apple retreats after gains as market awaits Fed

[NEW YORK] Apple shares gave back some of last week's gains Monday, pushing the Nasdaq into negative territory as the broader market treaded water ahead of a Federal Reserve meeting.

Apple fell 1.3 per cent, retreating for the second session in a row after surging more than 12 per cent just ahead of the launch of the latest iPhones.

Analysts pointed to investor caution ahead of Wednesday's Federal Reserve policy announcement.

"It's just a Fed market at this time and we should not expect too much movement either way until the Fed is out of the way," said Peter Cardillo, chief economist at First Standard Financial Company.

At the closing bell, the Dow Jones Industrial Average was down a hair at 18,120.17.

The broad-based S&P 500 was essentially flat at 2,139.12, while the tech-rich Nasdaq Composite Index shed 0.2 per cent at 5,235.03.

AFP