US stocks mixed as another Fed official backs rate cut
US stocks finished the day mixed on Monday, as another Federal Reserve policymaker came out in favour of starting interest rate cuts. It is "hard to imagine" not cutting interest rates in September, San Francisco Fed President Mary Daly said on Monday, a few days after Fed chair Jerome Powell said the time had come to start adjusting monetary policy. "The direction of change is down, and the time to adjust is now," Daly said, signalling her support for a rate cut at the Fed's rate meeting next month. On Wall Street, the Dow Jones closed up 0.2 percent at 41,240. The S&P 500 fell 0.3 percent to 5,616, while the Nasdaq lost 0.9 percent, closing at 17,725. "I think people used today as an opportunity to take some near-term profits," said Sam Stovall, from CFRA. Tech stocks slipped, with Nvidia finishing the day down 2.3 percent ahead of quarterly earnings results on Wednesday. Broadcom slipped more than four percent. (AFP)