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.

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