The NZX 50 fell 13 points, or 0.1%, to 13,058 in morning trade on Tuesday, halting gains from the previous three sessions, mainly weighed down by utilities, consumer staples, and industrials. Traders continued to monitor US tariff policy after a federal appeals court decision on Friday ruled that most of President Trump's global tariffs are illegal. Caution was also built in ahead of anticipated US jobs data, which will guide the Fed's interest rate decision this month. Domestically, traders are eyeing a couple of candidates for the new Reserve Bank governor after New Zealand PM Luxon said on Monday that a new RBNZ governor is expected to be appointed within weeks. Meanwhile, US stock futures were little changed amid new uncertainty about tariffs. On the data front, New Zealand's goods terms of trade rose 4.1% qoq in Q2, accelerating from Q1 and beating forecasts of a 1.9% rise. Among early losers were Fletcher Building (-1.3%), A2 Milk (-0.7%), and Mainfreight (-0.6%).