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Wall Street retreats, US dollar slips

US stocks retreated from record levels while markets braced for another busy day of earnings, even as trading volume remains thin over summer.

The S&P 500 slid 0.1 per cent to 2478.00 with real estate leading the decline. The Dow Jones Industrial Average was down 0.05 per cent to 22,106.07, while the Nasdaq Composite slid 0.2 per cent to 6,374.38.

Investors are watching for Walt Disney results after the bell and gearing up for retailers’ reports after Ralph Lauren, Wayfair and Michael Kors delivered upbeat results this morning.

Elsewhere, the yield on the US 10-year Treasury, which moves inversely to price, rose 0.7 basis points to 2.26 per cent.

Meanwhile, the US dollar weakened for a second consecutive day. The dollar index, a gauge of the buck against a basket of peers, slipped 0.1 per cent after a string of dovish remarks from officials at the Federal Reserve.

St. Louis Fed president James Bullard, who is not a voting member of the monetary policy setting Federal Open Market Committee, said on Monday that the central bank should leave interest rates on hold as inflation figures have been weak and a tightening labour market isn’t likely to boost inflation by much.

Meanwhile, Neel Kashkari, head of the Minneapolis Fed, who is a voting member of the FOMC, also argued to leave interest rates on hold.