US stocks have opened modestly lower as traders remained cautious after Washington moved into austerity mode with the launch of the steep sequester spending cuts.
Ten minutes into trade on Monday, the Dow Jones Industrial Average was down 40.63 points, or 0.29 per cent, to 14,049.03.
The broad-based S&P 500 lost 2.68 points, or 0.18 per cent, to 1,515.52.
The Nasdaq Composite slipped 4.98 points, or 0.16 per cent, to 3,164.76.
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