Wall Street to open flat as investors await Trump’s speech

Wall Street to open flat as investors await Trump’s speech

U.S. stocks dipped Tuesday morning, pulled lower by financial and consumer discretionary names, and as investors focused on President Donald Trump’s first speech to a joint session of Congress.

Trump’s promises of tax reform, infrastructure spending and simpler regulations have sparked a post-election rally that has propelled the main U.S. market indexes to record highs.

The address at 9:00 p.m. ET (0200 GMT) could touch on tax reforms, defense spending and his plans to overhaul the U.S. healthcare system.

Indicating investors’ focus on Trump’s speech for clues on how he planned to implement his agenda, reaction was largely muted to data that showed U.S. economic growth slowed in the fourth quarter.

“If he gives minimal detail this evening, then perhaps we might get a little bit wind out of the sails on this recent equity move,” said Erik Wytenus, global investment specialist at J.P. Morgan Private Bank.

Trump’s comments on “big” infrastructure spending on Monday helped the Dow Jones Industrial Average .DJI mark its 12 straight record close, a feat not seen since 1987.

At 9:42 a.m. ET the Dow Jones Industrial Average .DJI was down 19.01 points, or 0.09 percent, at 20,818.43, the S&P 500 .SPX was down 3.86 points, or 0.16 percent, at 2,365.89 and the Nasdaq Composite .IXIC was down 11.68 points, or 0.2 percent, at 5,850.22.

Nine of the 11 major S&P sectors were lower, with financials .SPSY dropping the most by 0.3 percent.

Charles Schwab (SCHW.N) was the top drag on the financial sector after the company said it would reduce its ETF trade and online equity commissions, following similar cuts by Fidelity Investments.

Target (TGT.N) was the biggest percentage loser on the S&P, dropping 13.2 percent after the big-box retailer warned sales could continue to decline this year. Shares of bigger rival Wal-Mart (WMT.N) were off 2.3 percent.

Perrigo (PRGO.N) dropped 10 percent to $75.72 after the drugmaker said it would delay filing its annual report and would review past accounting practices.

Priceline (PCLN.O) was the top stock on the S&P, with a 5.8 percent gain at $1,728.50, following quarterly revenue that blew past estimates.

Declining issues outnumbered advancers on the NYSE by 1,656 to 965. On the Nasdaq, 1,672 issues fell and 647 advanced.

The S&P 500 index showed 25 new 52-week highs and four new lows, while the Nasdaq recorded 52 new highs and 21 new lows.

Reuters

Nigerian Online Newspaper=


follow us on twitter @aljazirahnewsng
Like us on Facebook @aljazirahnewsng

Share This:

Related Posts

Trump ranks worst US President in poll President Donald Trump has been ranked as the worst US President in history in a Presidents’ Day poll of political scientists that ranked all 44 of the people who have served as US president. Abraham Lincoln, George Washington, Franklin Delano Roosevelt and Teddy Roosevelt respectively took the t...
US appeals court uphold block on Trump travel ban US appeals court on Monday left in place a block on President Donald Trump’s travel ban targeting citizens from six Muslim majority nations — the latest in a string of judicial blows for the controversial measure. The US Court of Appeals for the Ninth Circuit largely upheld an injunction on the b...
London Attack: Trump set to visit London British Foreign Secretary Boris Johnson said on Tuesday he saw no reason to cancel Donald Trump's state visit to Britain after the U.S. president criticized Mayor Sadiq Khan's response to the London Bridge killings. Trump has lambasted Khan on Twitter, accusing him of making a "pathetic excuse", ...
Donald Trump blasts London’s Mayor again US President Donald Trump renewed his criticism of London Mayor Sadiq Khan Monday, in the second such condemnation in the 48 hours since a terror attack in the British capital. Trump accused Khan of offering a “pathetic excuse” for comments that Trump earlier misconstrued about policing in respon...
North Korea ‘will test missiles weekly’, senior ... North Korea will continue to test missiles, a senior official has told the BBC in Pyongyang, despite international condemnation and growing military tensions with the US. "We'll be conducting more missile tests on a weekly, monthly and yearly basis," Vice Foreign Minister Han Song-Ryol told the BBC...
North Korea looking for trouble – Trump U.S. President Donald Trump on Tuesday, warned North Korea, saying the country is looking for “trouble”. Trump, on his Twitter handle, threatened to solve the North Korean problem alone should China fail to intervene. “North Korea is looking for trouble. If China decides to help, that would ...
US director of national intelligence at time of presidential... The director of national intelligence at the time of the US election has denied there was any wire-tapping of Donald Trump or his campaign. James Clapper also told NBC that he knew of no court order to allow monitoring of Trump Tower in New York. Mr Trump had accused President Barack Obama of or...
Trump says Obama wiretapped him during campaign; gives no ev... U.S. President Donald Trump on Saturday accused former President Barack Obama of wiretapping him in October during the late stages of the presidential election campaign, but offered no evidence to support the allegation. "How low has President Obama gone to tapp my phones during the very sacred e...
Under fire, Trump’s attorney general removes himself f... U.S. Attorney General Jeff Sessions said on Thursday he would stay out of any probe into alleged Russian meddling in the 2016 presidential election but maintained he did nothing wrong by failing to disclose he met last year with Russia's ambassador. Sessions, a longtime U.S. senator who was an ea...
South Africa’s central bank to sell shares of investor... South Africa’s central bank on Thursday said it would put up for sale nearly 150,000 of its shares owned by people who had exceeded limits set by a court. South African Reserve Bank Governor Lesetja Kganyago informed reporters in Pretoria that the aim was to prevent undue influence. Kganyago said ...
Mexico warns it will end NAFTA talks if U.S. proposes tariff... Mexico's economy minister Ildefonso Guajardo warned that his country will break off negotiations on the North American Free Trade Agreement (NAFTA) if the United States were to propose tariffs on products from Mexico, Bloomberg reported on Monday. "The moment that they say, 'We're going to put a ...
Trump budget plan will not cut Social Security, Medicare U.S. President Donald Trump's first budget proposal will spare big social welfare programs such as Social Security and Medicare from any cuts, Treasury Secretary Steven Mnuchin said in an interview broadcast on Sunday. Mnuchin said Trump would use a major policy speech to a joint session of Congres...
Clinton rigged Democratic Party’s chairmanship election – Tr... President Donald Trump has accused his fiercest rival at the Nov. 8 presidential election, Democratic Hillary Clinton, of rigging Saturday’s chairmanship election of the Democratic National Committee (DNC). Democrats on Saturday elected Clinton’s long-time ally, Mr Tom Perez, as Chairman of DNC. ...

Tags assigned to this article:
investorsTRUMPwall street