[NEW YORK] US stocks fell on Monday as Apple shares dropped following a broker downgrade and investors continued to weigh chances of an aggressive interest rate cut by the Federal Reserve later this month.
Surprisingly strong US 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."People are facing further confusion over the number of interest rate decreases we're likely to have going forward due mainly to the strong job numbers Friday, and reacting with a mildly down day in the market," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Investors might get an opportunity to gauge near-term monetary policy thinking during Fed chairman Jerome Powell's semi-annual testimony to the US Congress on July 10-11.Market watchers are also likely to focus on the start of the second-quarter earnings season next week. Profits for S&P 500 companies are expected to have dipped 0.1 per cent from a year ago, according to Refinitiv IBES data.
Boeing fell 1.3 per cent and was the biggest drag on the Dow 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.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »