US STOCKS-Wall St falls after factory data, last week's records
* Both S&P 500 and Dow coming off record closing highs
* Tesla Motors rallies after profit outlook
* U.S. factory activity grows at slowest rate in 3 months
* Dow off 0.04 pct, S&P down 0.5 pct, Nasdaq falls 0.9 pct
By Caroline Valetkevitch
NEW YORK, April 1 (Reuters) - U.S. stocks fell on Monday in one of the lightest volume days of the year, pulling back after the S&P 500's record closing high last week and after weaker-than-expected U.S. manufacturing data.
Apple was the biggest drag on both the S&P 500 and Nasdaq 100, falling 3.1 percent to $428.91. Fidelity Contrafund, a $92 billion fund that is the largest active shareholder in Apple, reported that it cut its stake in the iPhone maker by 10 percent during the first two months of 2013.
Data showed U.S. factory activity grew at the slowest rate in three months in March, suggesting the economy lost some momentum at the end of the first quarter.
Recent data that has pointed to a strengthening U.S. economy has helped push stocks to record highs on both the Dow and S&P 500. The S&P 500 ended March with a record closing high and posted its best quarterly performance in a year, while the Dow broke into new record territory in early March. Continued...