Just after the opening bell, the Dow Jones industrial average is down 53 points at 13,526. The Standard & Poor's 500 index is down seven at 1,453, and the Nasdaq composite index is off 28 at 3,152.
An index of German business confidence has fallen for a fifth straight month. Germany is the powerhouse of the European economy, but some economists think it's headed for a recession.
In the U.S., Apple is opening lower after selling 5 million of its iPhone 5s in three days. Some analysts were looking for a higher number. Apple is starting the day off about 2 percent, down $14 at $687.