Wall St. slips with Apple, as hopes of sharp rate cut fade

NEW YORK: U.S. stocks fell on Monday, pressured by a drop in Apple Inc following a broker downgrade, and as investors toned down expectations of an aggressive interest rate cut by the Federal Reserve later this month.

Surprisingly strong U.S. jobs data on Friday has forced traders to temper hopes of a sharp rate cut at the central bank's July 30-31 policy meeting, even as a reduction is still expected. "That's put a cloud over the market as well."Investors might get an opportunity to gauge near-term monetary policy thinking during Fed Chairman Jerome Powell's semi-annual testimony to the U.S. Congress on July 10-11. Also ahead are the central bank's June meeting minutes, scheduled for release on Wednesday.The Dow Jones Industrial Average fell 140.12 points, or 0.52per cent, to 26,782, the S&P 500 lost 16.9 points, or 0.57per cent, to 2,973.

Boeing Co fell 1.5per cent after Saudi Arabian budget airline flyadeal said it would not proceed with a provisional US$5.9 billion order for the planemaker's grounded 737 MAX aircraft, instead opting for a fleet of Airbus A320 jets.

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