US stocks are lower in early trading; China's markets stumbles after a long rally

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NEW YORK — Stocks are moderately lower in early trading, a day after the Nasdaq composite closed at a record high.

The Dow Jones industrial average was down 59 points, or 0.3 percent, to 18,106 as of 9:35 a.m. Eastern time Thursday.

The Standard & Poor's 500 index lost two points, or 0.1 percent, to 2,120. The Nasdaq composite climbed fell three points, less than 0.1 percent, to 5,104.

Avago rose 2 percent after reporting that its second-quarter earnings doubled and that it would buy rival chipmaker Broadcom.

The price of crude oil fell 54 cents to $56.98 a barrel in New York.

Chinese shares plunged after gigantic gains in the past three months. The Shanghai Composite dropping more than 6 percent. It's still up by more than double over the past year.

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