The NZX 50 dropped 60 points or 0.5% to 12,724 on Thursday morning, snapping a five-session winning streak and retreating from its highest level in over six weeks. The pullback came despite a record close on Wall Street's S&P 500 after the U.S. announced a trade deal with Vietnam that includes a 20% tariff on Vietnamese imports. Traders adopted a cautious stance ahead of China's June Services PMI, due later in the day, with the May figure lingering near a seven-month low amid subdued demand and escalating U.S. tariffs. Losses were most notable in healthcare, non-energy minerals, and energy minerals. Still, downside pressure was capped by a rebound in New Zealand's business mood in June after May's 10-month low. Market participants now await next week's RBNZ meeting, where the central bank is expected to keep rates on hold after a 25bps cut to 3.25% in May. Major laggards included Fisher & Paykel Healthcare (-2.1%), A2 Milk (-1.4%), Ryman Healthcare (-1.3%), and Scales Corp. (-1.2%).