Sharjah24 - AFP: Wall Street stocks fell Monday after an early rally petered out, while the dollar weakened and oil prices continued to recover after recent declines.

Following upbeat sessions on European and Asian equity markets, New York appeared poised to extend Friday's positive momentum following commentary from banks expressing confidence in US economic resiliency.

But the trend reversed after Bloomberg News reported that Apple was pulling back on some investments in preparation for a potential economic slowdown. Apple shares fell more than two percent.

"Investors are becoming cautious again," said Peter Cardillo of Spartan Capital Securities. "I guess investors are looking for more convincing data that the earnings season is not going to be all that bad."

The broad-based S&P 500 fell gradually throughout the day, ending with a loss of 0.8 percent.

The session opened a heavy calendar of earnings reports, with results from Netflix, Johnson & Johnson and Tesla in the coming days.