NEW YORK, July 1 (Reuters) - U.S. and world stocks embarked

on a new month and quarter with little conviction, as tech

shares in general and chip stocks in particular weighed on Wall

Street. Meanwhile, remarks from U.S. Federal Reserve Chair Kevin

Warsh that inflation risks have eased boosted gold and helped

the dollar pare earlier gains.

I will go into more detail on today's market moves below. If

you have more time to read, here are a few articles I recommend

to help you make sense of what happened in markets today.

1. U.S. factory activity decelerates in June, prices paid

component falls but remains elevated

2. U.S. private payrolls growth fall shy of estimates,

announced layoffs decline

3. Euro zone manufacturing output wraps up best quarter

since 2022, war-related cost pressures ease

4. German banks reject ECB's potential move to double

required minimum reserves

5. The Trump administration declines to extend the U.S.

trade agreement with Mexico and Canada, starting a 10-year

process to reshape the deal before it expires

Today's Key Market Moves

* STOCKS: U.S. stocks dip in choppy trade, Europe's STOXX

dips

* SECTORS/SHARES: Chips drop 6.3%; Meta surges after

Bloomberg reports company is building a cloud business to sell

excess AI computing capacity

* FX: Dollar's gains fade as Warsh softens inflation

rhetoric; yen rebounds from 40-year low

* BONDS: Benchmark Treasury yields pare gains following

Warsh remarks

* COMMODITIES/METALS: WTI and Brent crude prices settle down

1.3% and 1.4%, respectively; gold jumps

Today's Talking Points

* U.S. President Donald Trump reports over $1.4 billion in

income from his family's crypto business last year

Trump's annual disclosure for 2025 with the U.S. Office of

Government Ethics showed how he now derives most of his income

from digital assets that have benefited from his policies.

The filings reveal almost $800 million from World Liberty

Financial, a crypto venture he and his sons co-founded, and

another $635 million from the sale of his Trump meme coins.

* Warsh makes his international debut as Chair of the U.S.

Federal Reserve

In his appearance at the European Central Bank Forum in

Sintra, Portugal, Warsh asserted the central bank's independence

but declined, along with his fellow central bankers, to say much

about the economy or the future trajectory of interest rates.

Warsh added that he hoped the Fed will shift its focus to

real-time data for monetary policy decisions, and rely less on

backward-looking government surveys.

* The U.S. and Iran hold technical talks in Doha with focus on

the Strait of Hormuz

The talks are focused on resuming the flow of traffic

through the crucial waterway, releasing frozen Iranian assets,

and securing a lasting ceasefire based on a 14-point interim

accord signed last month, which set up a 60-day period of

negotiations toward a permanent peace deal.

There have been few signs of progress on more complex issues

following tit-for-tat airstrikes that have threatened the

fragile truce.

What could move markets tomorrow?

* U.S. payrolls report (June)

* U.S. factory orders (May)

* Developments in the Middle East

* Energy market moves

* Social media posts from Trump

* Euro zone unemployment rate (May)

* Switzerland CPI (June)

* France budget balance (May)

* China, Japan, Australia, Ireland services PMI (June)

* Fed members scheduled to speak include New York Fed

President John Williams, San Francisco Fed President Mary Daly,

Dallas Fed President Lorie Logan

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