US stocks pause after rally
U.S. stocks traded to the downside, after starting the week with a rally.
Stocks have rebounded over the last three trading sessions. on optimism that stimulus measures would be taken not only by the Federal Reserve, but also by Germany and China.
Home Depot shares rose despite the home improvement retailer cutting its full-year sales forecast. The home improvement retailer pointed to a slump in lumber prices and the impact of the U.S.-China trade war.
The Dow component cut its sales forecast to a 2.3 percent rise from a prior outlook of 3.3 percent. Home Depot did however top profit estimates.
Wall Street rallied in the last session on the U.S. decision to give Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers.
In Europe, the major markets traded lower by 0.3 percent.
In Asia, Japan's Nikkei 225 gained 0.6 percent, Hong Kong's Hang Seng lost 0.2 percent and China's Shanghai Composite was down 0.1 percent.
This week will include the release of minutes from the last Fed meeting in which the central bank cut interest rates.
Fed Chair Jerome Powell will also address the gathering of central bankers on Friday in Jackson Hole, Wyoming.
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The White House is reportedly denying a report from Monday that the possibility of a temporary payroll tax cut was being discussed.
The Associated Press contributed to this article.
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