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The Dow Jones Industrial Average fell about 0.1%, the S&P 500 (^GSPC) fell nearly 1%, and the tech-heavy Nasdaq Composite (^IXIC) dropped more than 1.6%. The Biden administration has told allies it's looking at imposing tougher restrictions on companies still making advanced chip technology available to China.

Federal Reserve Governor Christopher Waller suggests rate cuts are ahead soon. Waller: "I do believe we are getting closer to the time when a cut in the policy rate is warranted" Waller's sentiments point to an unlikelihood of a rate cut when the Federal Open Market Committee meets later this month.

Mortgage rates dropped to the lowest level since March last week, sparking swift demand in refinancing. Refinance demand is still more than 70% lower than it was in early 2020. Buyers today are facing a lean and pricey market, and now, with the expectation that rates could drop even more, they may be waiting on the sidelines.

Roche shares jumped in early deals and were trading 5.87% higher as of 11:17 a.m. London time. Roche said its experimental once-daily pill CT-996 resulted in a placebo-adjusted average weight loss of 6.1% within four weeks in a Phase I trial.

Today’s savings interest rates vary widely, but some of the best accounts are offering rates of 5% APY and even higher. As of July 17, 2024, the highest savings account rate offered by our partners is currently 5.50%. Experts agree that the Fed will begin to cut rates later this year, likely in November.

ASML's Netherlands-listed shares were down 6.5% in morning trade, while Tokyo Electron shares in Japan closed nearly 7.5%. The moves came after Bloomberg on Wednesday reported that the Biden administration is considering a wide-sweeping crackdown to clamp down on companies exporting their critical chipmaking equipment to China.

U.K. inflation held steady at the Bank of England's 2% target in June. The headline reading came in above analyst expectations at 1.9%, according to Reuters. Sterling rose slightly shortly after the release, trading at $1.2977 by 7:21 a.m.

ASML reported second-quarter earnings and sales that beat forecasts. Net bookings totaled 5.6 billion euros in the June quarter, rising more than 24% year-on-year. The Dutch firm is one of the most important semiconductor companies in the world.

HSBC appoints Georges Elhedery as group CEO, starting Sept. 2. He will replace outgoing head Noel Quinn, who is leaving after nearly five years at the helm. Quinn will remain available to the company while on gardening leave until his 12-month notice period ends in 2025.

The pan-European Stoxx 600 was down by 0.52% at 10:42 a.m. London time. Tech stocks fell 2.84%, while banks rose 0.64%.Shares in Dutch semiconductor firm ASML were last down 6.7%.

The pan-European Stoxx 600 was down by 0.57% at 12:09 p.m. London time. Tech stocks fell 3.17%, while banks rose 0.33%.Shares in Dutch semiconductor firm ASML were last down 7.6%.

Spot gold prices rose 0.5% to $2,482.29 per ounce, hitting an all-time high. On Monday, Fed Chair Jerome Powell said the Fed won't wait for inflation to reach the central bank's 2% target before cutting. The monthly inflation rate dipped in June for the first time in over four years.

Spot gold prices were last up 0.1% at $2,469.50 per ounce, after hitting an all-time high. Gold prices have been breaching new highs in recent months due to its appeal as a safe-haven asset. As interest rates fall, gold tends to become more appealing compared to fixed-income assets.