Dow, S&P 500 Slip; Moderna, Rivian, UPS stocks in focus

China still plays a very crucial role in terms of growth, so any disappointment will affect the whole world, said Hani Redha, a multi-asset portfolio manager at PineBridge Investments. It also contributes to the loss of momentum and growth in Europe.

Shortly: The Fed’s minutes from its June meeting, scheduled for 2 p.m. ET, will be closely watched for signals about the future interest rate development process. Fed Chairman Jerome Powell has said another rate hike in July is likely.

US markets were closed on Tuesday for the July 4 holiday. Equities started the month with somewhat muted movements.

US equities fell. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite were narrowly lower.

AstraZeneca and Moderna rose. AstraZeneca bounced back after mixed results from a cancer drug trial led to a sell-off on Monday. Moderna moved forward after reports it had signed a deal to work on drug manufacturing in China.

Chinese stocks retreated. Hong Kong’s Hang Seng Index lost 1.6% and the Shanghai Composite Index fell 0.7%, completing a three-day winning streak.

Other global indices fell. The Stoxx Europe 600 was down 0.6%. Japan’s Nikkei 225 fell 0.3%.

Some commodity prices weakened. Copper, which is heavily influenced by Chinese demand, fell 1.3%. Oil rose, while the US crude oil benchmark was up about 3%.

Treasury bonds were generally stable. The yield on the benchmark 10-year Treasury bill rose to 3.904% after closing at 3.856% on Monday.