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Stocks, dollar dip as investors assess data, Powell comments

Gulf Today

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July 02, 2025

Global shares edged lower and the dollar was lower for a ninth straight session on Tuesday, as investors digested a flurry of US economic data and comments from Federal Reserve Chair Jerome Powell to gauge the timing of any interest rate cuts.

Stocks, dollar dip as investors assess data, Powell comments

Powell, speaking at a central banking conference in Sintra, Portugal, said he could not say if July was too early for a rate cut, but it “is going to depend on the data, and we are going meeting by meeting”.

Market expectations for a July cut inched up to 21.2% from 18.6% in the prior session, according to CME’s FedWatch Tool.

On Wall Street, the Dow advanced but the S&P 500 and Nasdaq retreated from record levels weighed down by a drop of more than 58 in Tesla after US President Donald Trump threatened to cut off the billions of dollars in subsidies that Elon Musk's companies receive from the federal government.

The Dow Jones Industrial Average rose 227.77 points, or 0.528, to 44,322.06, the S&P 500 fell 19.78 points, or 0.328, to 6,185.17 and the Nasdaq Composite fell 181.49 points, or 0.89%, to 20,190.00.

MSCI's gauge of stocks across the globe fell 1.69 points, or 0.188, to 916.20 while the pan-European STOXX 600 index fell 0.38 as concerns over the impact of tariffs on global growth were rekindled as a July 9 deadline by Trump draws closer.

On the economic front, US data showed manufacturing remained in contraction territory in June, according to the Institute for Supply Management (ISM).

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