US stocks lower after bad economic data in Europe

Stocks are lower on more worries out of Europe -- this time involving Germany -- ahead of U.S. economic data due out later this week.

The Dow Jones industrial average is off 33 points at 13,545. The broader Standard & Poor’s 500 index is down five at 1,455. And the Nasdaq composite index is down 23 at 3,157.

Apple stock is off more than $10, about 1.5 percent, after sales of its iPhone 5 over the weekend came in below some analyst estimates.

A German business climate survey disappointed investors, and economists reportedly are worried that Europe’s strongest economy is headed for recession.

Investors will digest U.S. economic data this week, with reports on tap about gross domestic product and the housing market.

After the Federal Reserve‘s recent launch of a third round of monetary stimulus known as quantitative easing, Wall Street’s attention has turned toward the so-called fiscal cliff.

Congress has yet to deal with year-end automatic spending cuts and tax increases that economists say could tip the United States back into recession.

Investors are also expecting companies to report sluggish third-quarter earnings.