The NZX 50 dropped 55 points, or 0.4%, to 13,020 in morning trade on Thursday, marking its second consecutive decline, mainly weighed down by utilities, healthcare, and financials. Traders remained cautious amid US tariff uncertainty while monitoring related developments. Domestically, attention is on the expected appointment of a new RBNZ Governor within weeks, against the backdrop of a weak economy and high unemployment. However, comments from several Federal Reserve officials on Wednesday suggested that labor market concerns continue to support their view that interest rate cuts are still likely. This sentiment helped limit the decline, raising hopes of a cut later this month. Meanwhile, US stock futures were little changed after Alphabet’s rally boosted the S&P 500 and Nasdaq. Among early losers were Ryman Healthcare (-2.0%), Fletcher Building (-1.8%), Skellerup Holdings (-1.4%), Fisher & Paykel (-0.9%), Colonial Motor (-0.9%), and Hallenstein Glasson (-0.6%).