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Markets Right Now: Stocks drop on shifting odds for rate cut

July 8, 2019
Director General of Israeli Ministry of Finance Shai Babad, left, and Israel's Finance Minister Moshe Kahlon, center, listen to NYSE Vice Chairman John Tuttle during their visit to the New York Stock Exchange trading floor, Monday, July 8, 2019. (AP Photo/Richard Drew)
Director General of Israeli Ministry of Finance Shai Babad, left, and Israel's Finance Minister Moshe Kahlon, center, listen to NYSE Vice Chairman John Tuttle during their visit to the New York Stock Exchange trading floor, Monday, July 8, 2019. (AP Photo/Richard Drew)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4:00 p.m.

Stocks are closing lower for a second straight day as investors try to gauge the Federal Reserve’s next move on interest rates.

A strong U.S. jobs report Friday dimmed investors’ expectations that the Fed would cut its benchmark interest rate by as much as half a percentage point later this month. Many investors still expect a quarter-point cut.

Shares of health care and technology companies led the decliners Monday. Apple dropped 2.1% and Merck fell 1.8%.

Deutsche Bank dropped 6.1% after the German bank announced a massive restructuring.

The S&P 500 fell 14 points, or 0.5%, to 2,975.

The Dow Jones industrials lost 115 points, or 0.4%, to 26,806. The Nasdaq fell 63 points, or 0.8%, to 8,098.

The Russell 2000 index of smaller companies declined 0.9% to 1,561.

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12:00 p.m.

Stocks are falling Monday as investors try to gauge the Federal Reserve’s next move on interest rates.

A strong U.S. jobs report Friday dimmed investors’ expectations that the Fed would cut its benchmark interest rate by as much as half a percentage point later this month. Many investors still expect a quarter-point cut.

Shares of health care and technology companies fell the most around midday. Apple dropped 2.1% and Pfizer slipped 1.8%.

Deutsche Bank shares traded in the U.S. dropped 5.7% after the German bank announced a massive restructuring.

The S&P 500 fell 16 points, or 0.5%, to 2,974.

The Dow Jones industrials lost 135 points, or 0.5%, to 26,786. The Nasdaq fell 75 points, or 0.9%, to 8,086.

The Russell 2000 index of smaller companies declined 0.7% to 1,564.

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9:35 a.m.

Stocks are falling Monday as investors try to gauge the Federal Reserve’s next move on interest rates.

A strong U.S. jobs report Friday dimmed investors’ expectations that the Fed would cut its benchmark interest rate, possibly by as much as half a percentage point, at a meeting later this month.

Shares of banks and technology stocks fell the most shortly after the open.

Deutsche Bank shares traded in the U.S. dropped 6.3% after the German bank announced a massive restructuring.

The S&P 500 fell 15 points, or 0.5%, to 2,974.

The Dow Jones Industrial Average lost 150 points, or 0.6%, to 26,771. The Nasdaq fell 60 points, or 0.7%, to 8,101.

Bond prices rose. The yield on the 10-year Treasury slipped to 2.02%.

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