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U.S. stocks fell Monday from a record high set last week as investors gasped for signs of progress in the U.S. -China trade talks in Shanghai before the expected rate cut by the Federal Reserve.
Amazon (AMZN.O) and Facebook Inc (FB.O) had the biggest drag on the S&P 500 index and the NASDAQ index, both of which closed lower. The Dow closed higher, led by 3M Co (MMM.N), Johnson & Johnson (JNJ.N) and Apple (AAPL.O).
Marketers are preparing for major events this week, including the Federal Open Market Committee (FOMC) meeting, U.S. -China trade negotiations, and nearly a third of S&P 500 companies will report second-quarter results.
The Federal Reserve is expected to announce its first interest rate cut in 10 years at the end of a two-day monetary policy meeting on Tuesday. The Federal Reserve is keeping a close eye on signs of economic slowdown triggered by weak inflation and tariff disputes.
"Looking ahead, they know that downside risks around trade and supply chains are increasing," said Charlie Ripley, senior investment strategist at Allianz Investment Management. "What they want to do is to maintain economic expansion. One way is to reduce interest rates preventively in case the economy slows more than expected."
U.S. and Chinese trade negotiators met in Shanghai this week to try to find a way to resolve the protracted, market-stirring trade dispute between the two world's largest economies.
Trade uncertainty "makes it difficult for business managers to make decisions in an environment," Ripley said, adding that negotiations are "better than total silence".
The Dow Jones industrial index. DJI rose 28.9 points, or 0.11%, to 27,221.35; the S&P 500 index. SPX fell 4.89 points, or 0.16%, to 3,020.97; and the Nasdaq index. IXIC fell 36.88 points, or 0.44%, to 8,293.33.


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