US: Apple worries send markets lower

Meanwhile, the tech-rich Nasdaq was essentially flat at 9,732.74, inching up just enough to set a new all-time high.

"The big news is Apple, and the big worry is to what extent does it signal that the Chinese economy is going to come back slower than what the stock market is looking for? It is still a giant unknown," said Karl Haeling of LBBW. "It is not a surprise that Apple had to revise its target lower, but maybe the timing of it suggests that the magnitude of the problem is larger than expected."

It wasn't gloomy everywhere. Walmart reported fourth quarter earnings that were below expectations, but the top private employer in the United States still closed with a gain of 1.5 per cent at US$119.63.But in a sign markets were truly rattled, gold saw its price jump 1.2 per cent to US$1,605.5 per-ounce indicating investors' increasing desire for a financial safe haven.

Traders are looking ahead to US data on new housing construction set to be released on Wednesday morning, followed by minutes of the Federal Reserve's last policy meeting.

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