US markets finished lower overnight after tech and energy stocks erased earlier gains, in a subdued trading day. Cyclical stocks weighed on the Dow. Dow down 200 points (-0.59%), at best up 41 points, and at worst down 210 points. Major laggards Caterpillar -1.8%, Boeing -2.1% and 3M – 4.4%.  S&P 500 down 0.20%. NASDAQ down 0.09%. Markets remain uncertain whether the Fed will pause rates at its upcoming meeting following jobs data last week that showed slowing US wage growth. Apple briefly hit a record high, climbing as much as 2.2% before closing down 0.8% after the company unveiled an Augmented reality headset called the Vision Pro, its riskiest and biggest bet since the introduction of the iPhone.

USD Index flat after gaining 0.44% on Friday on jobs report. Gold gained as US treasury yields retracted. Oil prices rose after Saudi Arabis announced cutting its output to 9 million barrels per day in July from 10 million in May, its largest reduction in years, a move seen as moderately bullish. European markets tracked the US down across the board, STOXX 50 -0.7%, FTSE -0.1%, CAC -1%, and DAX -0.5%. Wall Street’s fear gauge VIX higher +0.9%. SPI futures down 41 points (-0.57%)

HEADLINES

• Apple unveils Vision Pro AR headset, its riskiest bet since the iPhone.
• Apple's Vision Pro headset to be sold at triple the price of Meta's top-line headset.
• US regulators sue Binance and its CEO for alleged deception.
• US services sector shows slow growth, aiding the fight against inflation.
• Bed Bath & Beyond in talks to sell Buybuy Baby chain to Go Global Retail.
• Former Vice President Mike Pence declares candidacy for 2024 Republican presidential nomination.
• ECB's Lagarde sees no peak in core inflation despite moderation.
• White House warns of growing aggressiveness by Beijing's military in Taiwan Strait and South China Sea.
• Global airlines more than double their profit forecast for 2023 but warn of plane delivery delays.

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