Wall Street drops as Apple falls, Fed eyed

Wall Street started the week with losses.Rosenblatt Securities downgraded the iPhone maker's shares to "sell" from "neutral," and said it expected the company to face "fundamental deterioration" in the next six to 12 months.

"People are facing further confusion over the number of interest rate decreases we're likely to have going forward due mainly to the strong job numbers Friday, and reacting with a mildly down day in the market," he said.The Dow Jones Industrial Average fell 115.98 points, or 0.43 per cent, to 26,806.14 on Monday, the S&P 500 lost 14.46 points, or 0.48 per cent, to 2975.95 and the Nasdaq Composite dropped 63.41 points, or 0.78 per cent, to 8098.38.

Boeing fell 1.3 per cent and was the biggest drag on the Dow after Saudi Arabian budget airline flyadeal said it would not proceed with a provisional $US5.9 billion order for the planemaker's grounded 737 MAX aircraft, instead opting for a fleet of Airbus A320 jets.

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