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Stocks down...Home sales slow...Europe's recovery 'losing momentum'...iPhone sales record



Estimated read time: 2-3 minutes

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NEW YORK (AP) — Stocks are lower in morning trading. A run of soft economic data out of China has investors concerned that the world's second largest economy is slowing. The Dow dropped about 40 points in the first hour of trading, while the S&P was off 10 and the Nasdaq composite was down more than 40.

WASHINGTON (AP) — Home sales slowed in August. The National Association of Realtors says sales of existing homes fell 1.8 percent to a seasonally adjusted annual rate of just over 5 million. That snaps a four-month streak of gains. Much of the slowdown came from the exodus of investors, who had been buying properties in the aftermath of the housing bust and recession.

FRANKFURT, Germany (AP) — The chief of the European Central Bank is warning that the eurozone's already tepid economic recovery "is losing momentum." Mario Draghi is telling members of the European parliament that recent economic indicators have given "no indication" of an upturn since August. The 18 countries that use the euro saw no economic growth at all in the second quarter. Draghi says geopolitical disturbances and the failure of member governments to make their economies more efficient are impeding growth.

NEW YORK (AP) — Apple says sales of its iPhone 6 and 6 Plus models set a new record in its first three days on the market. Apple sold more than 10 million of the new smartphones, and CEO Tim Cook says demand has exceeded the company's expectations. Besides larger screens, the new phones offer faster performance and a wireless chip for making credit card payments.

NEW YORK (AP) — "The Lion King" stage musical is the top moneymaker of all time. It has grossed more than $6.2 billion worldwide, quietly passing "The Phantom of the Opera" this summer. The Lion King's box office total is more than any work in any media in entertainment history, topping any single Harry Potter film, the blockbuster "Titanic," or any of the "Star Wars" movies.

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The Associated Press

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