A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
The MTA reported that the 1, 2, 3, 4, 5 and 6 trains are all facing delays due to a network communications issue impacting service in both directions, NBC New York reports.Transportationread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
US officials including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow will host a meeting at the White House on Monday of semiconductor and...Technologyread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
The lawsuits allege J&J's talc-based baby powder contained asbestos and caused ovarian and other cancers.Health and Scienceread more
* ETF funds' ex-dividend selling also weighs market
* Poor machinery orders also dampen mood
TOKYO, July 8 (Reuters) - Japan's Nikkei fell on Monday after an unexpectedly strong U.S. job data dampened market expectations for aggressive rate cuts this month.
Also denting the mood was weak domestic economic data. Japan's core machinery orders fell by the most in eight months in a worrying sign that global trade tensions are taking a greater toll on corporate investment.
The Nikkei share average dropped 0.9% to 21,555.60 points by midmorning.
After Friday's strong U.S. nonfarm payroll readings, traders have scaled back expectations the Federal Reserve will cut rates by a hefty 50 basis points at its next policy meeting on July 30-31. But they are still expecting a quarter-point cut.
"The market's expectations on aggressive U.S. rates cut had been rising but the mood has changed over the weekend," said Takashi Ito, an equity market strategist at Nomura Securities.
Financial stocks bucked the weakness, after U.S. Treasury yields rose on Friday following the job report. Mitsubishi UFJ Financial Group rose 0.7%, Sumitomo Mitsui Financial Group added 0.3% and Dai-ichi Life Holdings gained 0.5%.
Separately, the market was also pressured by selling related to passive funds' closing dates in early July, as most exchange-traded funds are going ex-dividend on Monday and Wednesday this week.
Since funds sell stocks to finance their dividend payouts, Daiwa Securities expected that there will likely be about 330 billion yen in selling for cash stocks and 300 billion yen on futures, on both Monday and Wednesday.
Fanuc Corp dropped 1% and Komatsu Ltd shed 1.1%.
The broader Topix dropped 0.7% to 1,582.15.
(Editing by Kim Coghill)