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Market leading growth stocks pulled all three major U.S.
stock indexes into negative territory, with risk-off sentiment exacerbated by Macao's first casino shutdown in over two years to curb the spread of COVID-19.

The 44-hectare (108-acre) Okada Manila started operations late in 2016. With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is the biggest of four multi-billion dollar casino-resorts operating in the capital of the Philippines, which has one of Asia's most freewheeling gaming industries.

"We´re hoping for a slowdown, which would put the Federal Reserve in a softer stance, but on the other hand, there are lots of reasons to believe inflation could stay high and the Fed will remain aggressive."

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Later in the week a raft of economic data - including consumer prices, retail sales and factory output - should provide a glimpse of the extent to which inflation has peaked and the economy has cooled down as the Federal Reserve moves closer to next week's policy meeting, which is expected to culminate in the second straight 75 basis point interest rate hike.

Filipino associates of Japanese tycoon Kazuo Okada seized the $3.3 billion casino, which is held by Tiger Resort, Leisure & Entertainment, ousting its previous management with the help of private security guards and local police.

"With the economy and borders opening up, Okada Manila is expected to sustain the momentum," current management said in the statement as it held its first news conference since it took physical control of the casino on May 31.

NEW YORK, July 11 (Reuters) - U.S.
stocks lost ground on Monday as a lack of catalysts left market participants warily embarking on a week back-end loaded with crucial economic data and the unofficial beginning to second-quarter earnings season.

Justice Department against Las Vegas casino mogul Steve Wynn last month to compel Wynn to register as a foreign agent because of lobbying work it says he performed at the behest of the Chinese government.

Foot traffic in June climbed 8% from a month earlier and was around 74% of its pre-pandemic level, it said in a statement, also saying that the casino planned to open more shops and add entertainment attractions.

Sun, who is also accused of abandoning his post amid the COVID-19 outbreak, has pleaded guilty, state broadcaster CCTV said in a report on the trial, which is being held at the Intermediate Court in the northeastern city of Changchun.

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President and head of the ruling Communist Party Xi Jinping has waged a decade-long campaign against corruption that has ensnared numerous serving and retired high-ranking officials in what some see as politically motivated prosecutions.

In an announcement last year on Sun's expulsion from the party, he was accused of having displayed "extremely inflated political ambition and very poor political integrity," issuing groundless criticisms of the Party´s policies and spreading political rumors.
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The lawsuit says the lobbying effort was done on behalf of senior Chinese government officials, including Sun, who sought Wynn´s help in trying to get a Chinese national´s visa application denied, according to the complaint.

casino operators Las Vegas Sands, Wynn Resorts and Melco Resorts plunged after Macau shuttered all casinos to contain its worst COVID outbreak since the health crisis began. (Reporting by Stephen Culp; additional reporting by Amruta Khandekar and Shreyashi Sanyal in Bengaluru Editing by Marguerita Choy)

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