The Dow Jones Industrial Average lost 0.45 percent to end at 24,180.64 points, while the S&P 500 ended down 0.37 percent at 2,629.57. The Nasdaq Composite dropped 0.19 percent to 6,762.21.
Wall Street fell on Tuesday as a technology rebound lost steam and Walt Disney Co shares dipped, while investors assessed how a Republican US tax overhaul would impact corporate earnings.
QUICK INDIAN STOCK MARKET TRADING TRIALS WITH FULL-TIME EXPERT’S SUPPORT AND FREE EQUITY TIPS ON MOBILE CALL ON 9644405056!
The S&P 500 fell for a third straight session, a streak not seen since early August, trimming the index’s rally this year to 17 percent.
Buoyed by a 2.53 percent increase in Electronic Arts Inc, the S&P 500 information technology index ended up 0.21 percent but pared earlier gains of as much as 1.39 percent.
The year’s top-performing sector was still down nearly 4 percent over the past week, with investors shifting money to banks, retailers and other stocks seen as likely to benefit the most from tax cuts promised by US President Donald Trump.
The bill passed on Saturday by Republican senators included a last-minute change retaining the corporate alternative minimum tax, or AMT, which had initially been removed.
That put Senate Republicans on a collision course with Republicans in the US House of Representatives, whose own tax bill repealed the corporate AMT and who are already calling for the tax to be eliminated in the final legislation. Including the AMT could negate parts of the bill seen as beneficial to tech companies and other corporations.
Such a tax rate cut could boost S&P 500 earnings next year by an extra 9 percent, Bell said.
All three major indexes moved sharply lower late in the session.
The Dow Jones Industrial Average lost 0.45 percent to end at 24,180.64 points, while the S&P 500 ended down 0.37 percent at 2,629.57.
The Nasdaq Composite dropped 0.19 percent to 6,762.21.
Ten of the 11 major S&P sectors fell, led by losses in telecom services and utilities.
Shares of Twenty-First Century Fox slipped 0.30 percent after a report that Walt Disney was in the lead to acquire much of Fox’s media empire, though rival suitor Comcast Corp remained in contention.
Disney shares fell 2.72 percent and Comcast slipped 1.98 percent.
McDonald’s rose 1.37 percent, providing the biggest boost to the Dow, after Jefferies upgraded the stock to a “buy” rating.
Toll Brothers Inc fell 7.36 percent after the luxury homebuilder’s profit and revenue missed analysts’ expectations as it sold homes at prices lower than its own estimates.
Declining issues outnumbered advancing ones on the NYSE by a 1.80-to-1 ratio; on Nasdaq, a 1.83-to-1 ratio favored decliners.
About 6.9 billion shares changed hands on US exchanges, just above the 6.7 billion daily average for the past 20 trading days.
For FREE Trading Trials – (+91) 9644405056
Or mail us here: firstname.lastname@example.org
Visit us at http://www.ripplesadvisory.com
✆ – 0731-2427007 | Customer Care Services