U.S. stocks trade lower after Christmas

NEW YORK, Dec. 26 (Xinhua) -- U.S. stocks traded lower on Tuesday, the first trading day after Christmas Day.

At midday, the Dow Jones Industrial Average lost 7.95 points, or 0.032 percent, to 24,746.11. The S&P 500 decreased 3.24 points, or 0.12 percent, to 2,680.10. The Nasdaq Composite Index was down 36.22 points, or 0.52 percent, to 6,923.74.

U.S. markets were closed on Monday for the Christmas Day holiday.

Shares of Apple fell more than 2 percent on Tuesday after a news report showed that the company will cut its sales forecast for the iPhone X by 40 percent in the quarter to 30 million units, according to CNBC.

With no major data due out on Tuesday, investors were still sifting through the newly-signed U.S. tax reform.

U.S. President Donald Trump on Friday signed a 1.5-trillion-U.S-dollar tax cut bill into law, as well as a spending bill to keep the federal government running through Jan. 19, 2018.

The U.S. Congress last week passed the tax bill along party line, with no Democrats voting for it.

The tax bill, the sweeping rewrite of U.S. tax law since 1986, would cut the corporate income tax rate to 21 percent from the current 35 percent and lower individual income rates.

Some companies said they would spend the savings from lower corporate taxes on higher wages and new construction. Enditem