Wall Street Edges Lower As Apple Drags

Wall Street edged lower in early afternoon trading on Monday as Apple weighed on all the three major indexes following a rating cut and ahead of its developer conference.

The iPhone maker's stock was down 1 percent at $153.88 after brokerage Pacific Crest downgraded it to "sector weight" from "overweight".

There is also a possibility that the company may take the unusual step of introducing a new product at the five-day conference, which kicks off on Monday.

Investors appeared to have shrugged off weekend attacks in London that came just days before Britain's general national election on Thursday.

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