U.S. stock indexes veered lower in morning trading Monday as investors pored over the latest crop of company earnings and deal news. Energy companies were down the most as crude oil prices headed lower. Real estate stocks led the gainers. Traders also had their eye on the White House as President Donald Trump reaffirmed plans to slash regulations on businesses and tax foreign goods entering the country.
KEEPING SCORE: The Dow Jones industrial average fell 70 points, or 0.4 percent, to 19,756 as of 11:23 a.m. Eastern Time. The Standard & Poor’s 500 index slid 10 points, or 0.5 percent, to 2,260. The Nasdaq composite index lost 21 points, or 0.4 percent, to 5,533.
TRUMP ON BUSINESS: At a White House meeting early Monday with business leaders, Trump repeated a campaign promise to cut regulations by at least 75 percent. He also said there would be advantages to companies that make their products in the U.S., suggesting he will impose a “substantial border tax” on foreign goods entering the country.
THE QUOTE: “There was that huge rally postelection and things really were running on optimism,” said Lisa Kopp, head of traditional investments at U.S. Bank Wealth Management. “What you’re seeing now is people coming back to the idea that the policies aren’t exactly clear … and (Trump’s) ability to actually push everything through exactly the way he wants is uncertain.”
UNHAPPY MEALS: McDonald’s was down 0.8 percent after the world’s biggest hamburger chain reported a fourth-quarter drop in sales at established U.S. locations. The decline snapped a streak of five quarters of increases. The stock shed 99 cents to 121.27.