The NZX 50 fell 47 points, or 0.4%, to 12,719 in morning trade on Monday, halting gains from the previous session and tracking a decline in US stock futures. The downturn came after US President Donald Trump confirmed that new tariffs are set to go into effect on August 1, not July 9. Caution also built as investors anticipated the release of the Fed meeting minutes later this week for guidance on the central bank’s policy path. Domestically, caution deepened further ahead of the RBNZ monetary policy decision, which is due this week, with the market expecting the central bank to hold the interest rate at 3.25%. Most sectors traded in the red, including consumer staples, healthcare, financials, and real estate. Among early losers were Fletcher Building (-2.0%), Ryman Healthcare (-1.7%), South Port NZ (-1.4%), A2 Milk (-1.1%), and ANZ Group (-0.5%), while Fisher & Paykel, Contact Energy, and Infratil each fell 0.6%.