USA stocks close lower amid falling corporate shares

President Donald Trump talks to reporters on the South Lawn of the White House

"The headline payrolls figures was pretty strong but wages were tepid, so on the whole a 25 basis-point cut would be justified as an pre-emptive move and I think the current market pricing is fair", said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.

The market rallied through much of June after the Federal Reserve signaled that it's prepared to cut interest rates to offset slowing global growth and the fallout from US trade conflicts.

Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy.

On the corporate front, AMD shares closed 1.71% higher after an upbeat analyst call, while Apple shares were down 2.06% at the end of the session after Rosenblatt Securities analyst Jun Zhang said he expects the tech giant's shares to continue to fell as consumers hold out for next year's 5G-enabled iPhone.

Investors have rushed to scale back Fed rate cut expectations following unexpectedly strong gains in U.S.jobs for June.

"Expectations about the number and timing of rate cuts have changed slightly."The Dow Jones Industrial Average .DJI fell 115.98 points, or 0.43%, to 26,806.14, the S&P 500 .SPX lost 14.46 points, or 0.48%, to 2,975.95 and the Nasdaq Composite .IXIC dropped 63.41 points, or 0.78%, to 8,098.38". In afternoon trade, the chances were 92% and 8%, respectively.

Greek 10-year bond yields fell by 14 basis points in early trade to hit new all-time lows of 2.016 percent, reversing the 12 basis point yield rise on Friday. Also on tap is the central bank's June policy meeting minutes, scheduled for release on Wednesday.

Investors will be listening closely for any hints on the central bank's interest rate policy on Wednesday and Thursday, when Powell delivers the Fed's semi-annual monetary report to Congress.

Sachin Tendulkar writes off New Zealand's final chances
With three defeats in their nine matches, the Black Caps could only garner 11 points in an equal number of matches. However, the Kiwis had beaten India in the warm-up match prior to the tournament.

The British pound was last quoted at $1.2515, within striking distance of $1.2481, its lowest since the "flash crash" on January 3 when the pound dropped to $1.2409.

Market watchers are also likely to focus on the start of the second-quarter earnings season next week.

The S&P/TSX composite index was down 69.74 points at 16,472.25.

Boeing Co's (BA.N) shares declined 1.5% after Saudi Arabian budget airline flyadeal said it would not proceed with a provisional $5.9 billion order for the planemaker's grounded 737 MAX aircraft, instead opting for a fleet of Airbus A320 jets.

Symantec Corp SYMC.O rose 3.5% after Jefferies said the cybersecurity firm is a "logical financial acquisition" amid reports of Broadcom Inc AVGO.O in advanced talks for a deal.

Shares fell on Wall Street overnight amid growing speculation an unexpectedly strong pickup in US employment growth last month lead the Federal Reserve to hold back on aggressively cutting its benchmark interest rate.

Declining issues outnumbered advancers for a 1.72-to-1 ratio on the NYSE and for a 2.15-to-1 ratio on the Nasdaq.

Elsewhere in emerging markets, Turkey's lira fell almost 2% on concerns about central-bank independence, after President Recep Tayyip Erdogan dismissed the bank's governor over the weekend.

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