NEW YORK: US stocks were slightly lower early Wednesday as Wall Street marked the one-year anniversary of the rally begun after President Donald Trump’s shock victory in the 2016 election.
The blue-chip Dow Jones Industrial Average and the tech-heavy Nasdaq have both risen about 30 percent in the past year and the S&P is up more than 20 percent.
A string of continuing good economic reports, robust corporate earnings and the promise of a pro-growth agenda from the White House have seen investors repeatedly smash records this year.
But Trump’s tax cut agenda — which fueled much of the investor enthusiasm — faces significant tests in the coming weeks and the extended Wall Street run has prompted market watchers to wonder how much longer it can run.
About 20 minutes into the day’s trading, all three major indexes had dropped by 0.2 percent, with the Dow down to 23,513.60, the Nasdaq to 6,756.52, and the broader S&P 500 to 2,585.27.
There was little corporate, political or economic news expected during the session that could move markets one way or another.
“We don’t want to say traders are bored,” wrote Patrick O’Hare of Briefing.com.
“Rather, it’s more like the news on the board has left them feeling apathetic since there is nothing in the mix to whet their index-driving appetite.”
21st Century Fox is due to report earnings at the close of trading. The company drew keen attention this week after media reports said it had recently been in talks to sell key business segments to Disney. Shares in Fox were 0.2 percent lower in early trading.
Oil prices opened lower in New York after shooting up Monday on political turmoil in Saudi Arabia. A barrel of West Texas Intermediate for December delivery fell 13 cents to $57.07.
Oil giant Chevron fell 0.7 percent, while BP gave up 0.5 percent and Exxon Mobil was down 0.4 percent.
Source: Brecorder.com
