Wall St dragged down by Apple; hopes of sharp rate cut fade

Asian Stocks Set to Slip; Turkish Lira Tumbles: Markets Wrap

Given the strength shown in that data, investors now expect US Federal Reserve Chairman Jerome Powell to go slow on rate cuts this year.

Technology and health care stocks drove much of the market's early slide. Gold fell for a third day, while the dollar was flat versus major peers. The Federal Reserve's next policy meeting is set for July 30 and the decisions made there could determine the health of the economy, which is critical to Trump's re-election bid. US stocks hit a record last week and a bond rally took yields to multi-year lows amid expectations the Fed will lower interest rates by at least a quarter percentage point at its July meeting, though fed fund futures showed traders trimming the amount of easing they expect.

"The Fed now has a tough job as to not cut would act like a de facto tightening", said Neil Wilson, chief market analyst for Markets.com.

"If they don't do something, it's going to be mightily disappointing", he said. Australia's S&P/ASX 200 Index slipped 0.3%.

The common currency has been under pressure from dollar strength and weakness in the German industrial sector. Greek bonds rose amid hope a new government elected over the weekend will prove to be market-friendly.

U.K. Conservative Party members start voting Monday to choose Theresa May's successor. Some 160'000 Tories will receive their postal ballots this week and decide who, between Boris Johnson and Jeremy Hunt, should take the reins of the party and the country before July 21.

Fed Chairman Jerome Powell's semi-annual testimony to the U.S. Congress on July 10-11 will give investors an opportunity to gauge near-term monetary policy thinking.

This is Trump's latest call for lower interest rates by the Fed.

Producer price inflation is also likely to lose momentum, with annualized rate slipping to 1.7 percent in June from 1.8 percent in the previous month.

AMD May be Set to Lower Radeon 5700 Prices Ahead of Launch
The Radeon 5700 XT , previously listed at $450, will now cost $400, and the Radeon 5700, previously $380, will be priced at $350. All the new offerings are available from today on AMD .com, leading e-retailers, and leading offline retail stores.

Hence, the U.S. markets could be expected to rectify their recent risk rally.

Germany's DAX Index dipped 0.2%.

Asian indexes tumbled with the Shanghai Composite down 2.6%, Japan's Nikkei down 1%, and Hong Kong's Hang Seng down 1.8%.

CURRENCY: The dollar declined to 108.40 yen from Friday's 108.47 yen.

Boeing Co's shares declined 1.5% after Saudi Arabian budget airline flyadeal said it would not proceed with a provisional $5.9 billion order for the planemaker's grounded 737 MAX aircraft, instead opting for a fleet of Airbus A320 jets. An analysis of similar periods during which the Fed cut rates after previously raising them by Toronto money manager Gluskin Sheff & Associates showed the S&P 500 returned 22% on average in the year following the last interest-rate cut of each cycle.

In one warning sign that the 10-year-old economic expansion could come to an end relatively soon, the gap between long- and short-term bond yields, known as the yield curve, turned negative earlier this year.

West Texas Intermediate crude gained 0.7% to $57.92 a barrel.

After hitting a six-month low to the dollar on Friday as a result of poor economic data and a rise in expectations that the Bank of England will cut interest rates, the British pound GBP= edged down 0.12% to $1.2508.

Related News:

  • Runners Gored, Including 2 Americans, While Running With Bulls at Spain Festival

    Runners Gored, Including 2 Americans, While Running With Bulls at Spain Festival

    The last person to die at the festival, Daniel Jimeno Romero, was gored in the neck in 2009 during the fourth run of the festival. The six bulls, accompanied by tame bullocks, ran together in a pack for most of the 850-metre course to the city's bullring.
    Atletico Madrid fuming as Griezmann goes AWOL

    Atletico Madrid fuming as Griezmann goes AWOL

    The Atletico Madrid star announced his intention to leave the Wanda Metropolitano earlier this summer. Barcelona and Atletico Madrid are at crossroads over a potential move for Antoine Griezmann .
    Congress-JD(S) internal feud responsible for crisis in Karnataka: BJP

    Congress-JD(S) internal feud responsible for crisis in Karnataka: BJP

    Munirathna, a two-time Congress MLA and former BBMP corporator, was among those who were vocal on the reasons for the resignation. HD Kumaraswamy is now likely to resign as the chief minister as the strength in 224-seat Assembly has now come down to 104 seats.
  • Archie Harrison Christening: Every Detail And Princess Diana Tribute

    Archie Harrison Christening: Every Detail And Princess Diana Tribute

    The Duke and Duchess of Sussex shared a sweet family portrait of their son's christening at Windsor Castle on Saturday. Archie will wear the handmade replica of the royal christening robe made by Angela Kelly, dressmaker to the Queen.
    Ferguson happy for New Zealand to be World Cup's 'scrappers'

    Ferguson happy for New Zealand to be World Cup's 'scrappers'

    India have been missing the services of Shikhar Dhawan who had earlier been ruled out of the World Cup due to a broken thumb. All four of the previous matches at Old Trafford during the tournament have been won by the team batting first.
    Trump mulling executive order to add citizenship question to census

    Trump mulling executive order to add citizenship question to census

    The internal dispute has led the President to privately air frustrations at his 81-year-old commerce secretary. District Court Judge George Hazel wants the administration to state its intentions by 2 p.m.
  • Justin Bieber’s Swagster Bottle Cap Challenge; Mariah Carey’s Twist Is Unmatchable!

    Justin Bieber’s Swagster Bottle Cap Challenge; Mariah Carey’s Twist Is Unmatchable!

    For the unversed, the Bottle Cap Challenge includes kicking off an nearly shut bottle cap without touching it with your hands. Whereas, her ex-husband Nick Cannon commented, "Hilarious!" and singer Rita Ora wrote, "You win hands down".

    Disney reveals first trailer for New Zealand-shot Mulan

    Disney's live-action take on Mulan is quite different from its animated predecessor - and the teaser trailer shows us how. However, the live-action version is not a musical, and Mulan's dragon sidekick Mushu is nowhere to be found.
    Opposition New Democracy leads Greek exit polls

    Opposition New Democracy leads Greek exit polls

    Speaking after the exit polls, Greek finance minister Euclid Tsakalotos said: "This is a big win for New Democracy". Greece's opposition party New Democracy are set to win the country's snap general election, early results show.
  • Dodgers, Padres Play Through 7.1 Earthquake That Rocked Los Angeles

    Dodgers, Padres Play Through 7.1 Earthquake That Rocked Los Angeles

    Aaron Hicks had tied it at 3 in the top of the ninth for the Yankees, homering on a 2-2, two-out pitch from Colin Poche (2-1). San Diego Padres at Los Angeles Dodgers: By the Numbers Los Angeles batters own a.925 OPS, .279 ISO against Lucchesi.
    Buhari arrives Niamey for AU AfCFTA summit

    Buhari arrives Niamey for AU AfCFTA summit

    The pact was further buoyed as Benin's agreement meant Eritrea was the sole African country not to sign on. The leaders are also set to discuss boosting intelligence cooperation and the global migration crisis.
    Scientists urge climate protesters to save planet by planting trees

    Scientists urge climate protesters to save planet by planting trees

    Their analysis showed about 2/3 of the Earth's land mass - about 8.7 billion hectares - are capable of supporting forests. The Crowther Lab website has a global map with advice on which types of trees and how many can be grown in gardens.


Most liked

North Korea says freed Australian student had been spying
After Mr Sigley's arrival in Beijing, he went to Tokyo to reunite with his Japanese wife, who he married in Pyongyang a year ago . It said he would not make any further comment "at this time or later". "My advice will be pretty clear - I would stay in Japan".

Johansson joining Sabres on two-year contract
Johansson tallied 11 points in this year's postseason and notched a game-winner for the Bruins, but Boston ultimately fell to St. Johansson is a really solid player and getting him on a two-year deal is a big win for the Sabres.

Multiple Injuries Reported After Gas Explosion at Florida Shopping Center
Officials urged family members to refrain from heading to the plaza and head to the family reunification center in Central Park. There were no known fatalities immediately after the explosion. "As bad as it is, it could have been a lot worse", Gordon said.

Bartomeu: I know where De Ligt will be playing next season
They conceded 54 league goals - their worst tally since 1978/79 - as they finished sixth in the Premier League. Place 5 x €/£10 or more bets to receive €/£20 in free bets.

Italy v. Netherlands, Germany v. Sweden in WWC QF
Germany coach Martina Voss-Tecklenburg told ARD: "The defeat hurts, but we are in a process". If you haven't played the Mozzart Lucky Super 6, then you haven't played the best Lotto.

Wolff, Morikawa grab share of lead READ MORE
Wolff could have been the solo leader but a birdie on the par-3 17th hole moved him back to 15 under for the tournament. But Wolff notched back-to-back birdies at 14 and 15, leaving DeChambeau a stroke back even after he birdied 16.

Ariel in Disney's Upcoming Live-Action 'The Little Mermaid' Is Black
The sisters covered Beyonce's song Pretty Hurts in 2013 which led to Beyonce becoming their mentor after she discovered them. Berry then followed up Bailey's reply with yet more compliments.

7.1 magnitude quake strikes in eastern Indonesia, tsunami warning issued
Indonesia's Aceh province is the hardest hit area, but the tsunami affects coastal areas as far away as Africa. The agency had not lifted the tsunami warning over an hour after the quake, a spokesman told Reuters.

United Kingdom competition regulator puts brake on Amazon's Deliveroo investment
In the United Kingdom , observers have noted a change of direction at the CMA since Chair Andrew Tyrie took over previous year . Deliveroo is battling rivals such as Uber Eats and Just Eats for a share of the burgeoning takeway market.

Moon claims latest Trump-Kim meeting ended hostilies
To find a compromise, each side may have to drop the ongoing "good cop, bad cop" cycle of engagement and threats, Narang said. The letter was sent last week - a few days before the historic meeting of Trump and Kim - to all United Nations member states.

Jeffrey Epstein Arrested in NY for Sex Trafficking of Minors
A federal judge ruled earlier this year that the plea deal was illegally concealed from Epstein's alleged victims. Epstein's lead attorney Jack Goldberger, told NBC News he "declines to comment at this time".

Thunder explored blockbuster trade with Raptors involving Westbrook, George
The Heat might be interested in dealing for Thunder guard Russell Westbrook , according to a report from the Miami Herald . According to Wojnarowski , the Clippers are sending a record-setting collection of draft choices in exchange for George.

Craig David Reportedly Set To Enter Love Island Villa As Guest DJ
Amber seems happy at the idea of Ovie pursuing a romantic connection with Joanna, leaving Michael single and available. Speaking on Good Morning Britain from outside the villa, he said: "I'm looking to get in front of the fire pit".

Stevie Wonder Reveals He Will Be Undergoing Kidney Transplant Surgery
Wonder said, perhaps referring to an article in the Detroit Free Press , claiming that he was experiencing health problems. This week, a friend of Wonder's confirmed that the legend was struggling with an illness .

Ellis never in doubt U.S. would break through dogged Dutch
Jill Ellis remains undefeated at World Cups and became the first manager to win the tournament twice. However, she said she relied on her coaches opinions who said it was the right call.