Wall Street retreats from record highs as investors await additional earnings reports due later in the week. U.S. 10-year Treasury yields reached a 12-week high, reflecting confidence in a strong U.S. economy. Biotechnology company CSL is holding an investor day today, while toll road operator Transurban is set to release its quarterly update. Oil prices rose 2% amid Middle East tensions, and gold reached a new record high. Meanwhile, China cut interest rates by 25 basis points, and Aussie shares are expected to decline as the U.S. dollar pressures industrial metals prices.

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