MARKET SNAPSHOT: Stock Market Slips On Anniversary Of Trump Election Day Win
Snap Inc.'s stock falls 12% after quarterly results
U.S. stocks stumbled out of the gate on Wednesday as lawmakers' efforts to pass tax reform came into focus and President Donald Trump's trip to Asia, highlighted lingering tensions with North Korea (http://www.marketwatch.com/story/trump-warns-north-korea-do-not-try-us-2017-11-07).
What are the main benchmarks doing?
The Dow Jones Industrial Average , which rung up a fresh all-time closing high on Tuesday (http://www.marketwatch.com/story/us-stocks-regroup-for-another-bid-on-all-time-highs-2017-11-07), was down 32 points, or 0.1%, at 23,524, led by declines in shares of components Caterpillar Inc. (CAT) and International Business Machines Corp. (IBM).
The S&P 500 index was down 3 points, or 0.1%, at 2,587. Meanwhile, the technology-oriented Nasdaq Composite Index was off 3 points, or less than 0.1%, at 6,762.
The three gauges are up between 16% and 26% for the year as of Tuesday's close, helped by factors such as an expanding U.S. economy, improving corporate profits and bets that the Trump administration, a year after he was elected into office, will deliver tax reform and other business-friendly measures.
See:Dow's 1-year gain since Trump's win is its biggest post-Election Day rise since 1945 (http://www.marketwatch.com/story/the-dows-one-year-gain-since-trumps-election-is-its-biggest-since-1945-2017-11-08)
What are strategists saying?
"We are still in a situation where you're looking at every position for the likelihood of tax reform happening and I think that will be sort of the dominant headline over the next few weeks," said Ian Winer, head of the equities division at Wedbush Securities.
"People will decide whether they think it is going to happen or not," he said of the passage of any tax-reform bill. "My guess is we are going to have a tough time getting it done," he said.
Still, Winer said the current environment makes it difficult for investors to sell stocks.
"There is no alternative to stocks, central banks are still largely accommodative and in lieu of any of that changing, it is hard to come up with a compelling bear case" he said.
Read:Here are the winners and losers of the tax plan, by income bracket (http://www.marketwatch.com/story/here-are-the-winners-and-losers-of-the-tax-plan-by-income-bracket-2017-11-03)
Opinion:Cutting corporate taxes is the best part of the Republican plan (http://www.marketwatch.com/story/cutting-corporate-taxes-is-the-best-part-of-the-republican-plan-2017-11-08)
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
Which stocks look like key movers?
Shares in Snapchat parent Snap Inc.(SNAP) fell 12% after the company posted disappointing quarterly results late Tuesday (http://www.marketwatch.com/story/snap-shares-fall-as-much-as-21-after-third-quarter-revenue-miss-2017-11-07) and discussed a redesign for its messaging app (http://www.marketwatch.com/story/snap-will-redesign-snapchat-to-make-it-easier-for-non-millennials-to-understand-2017-11-07). They had been down roughly 20%, but erased losses following reports that Chinese internet giant Tencent Holdings Ltd.(0700.HK) has established a 10% stake in Snap.
Shares in peer-to-peer lending company (http://www.marketwatch.com/story/lendingclub-shares-down-15-after-quarterly-revenue-miss-2017-11-07)LendingClub Corp.(LC) tumbled 17% after reporting a disappointing full-year earnings outlook late Tuesday.
Fossil Group Inc.(FOSL) shares tumbled 12% after the accessories seller (http://www.marketwatch.com/story/fossil-shares-fall-20-on-weak-outlook-2017-11-07)gave a disappointing outlook of its own late in the prior session
Take-Two Interactive Software Inc.(TTWO) climbed 12% after the producer of videogames boosted its outlook while reporting results late Tuesday (http://www.marketwatch.com/story/take-two-jumps-to-record-price-levels-despite-earnings-swinging-to-a-loss-2017-11-07).
Shares in health insurer (http://www.marketwatch.com/story/humana-stock-surges-3-on-q3-profit-beat-2017-11-08)Humana Inc.(HUM) disclosed in a filing with the Securities and Exchange Commission that third-quarter revenue fell 3.0% to $13.282 billion from $13.69 billion, just below the FactSet consensus of $13.325 billion. Shares of health-care company were down 2.7%.
Regeneron Pharmaceuticals Inc.(REGN) rose 3.5% after the biotechnology company reported third-quarter profit and revenue that rose above expectation (http://www.marketwatch.com/story/regenerons-stock-rallies-after-profit-and-sales-rise-above-expectations-2017-11-08)s.
Wendy's Co.(WEN) shares fell 3.4% after the fast-food chain reported third-quarter earnings and revenue that came in weaker than consensus (http://www.marketwatch.com/story/wendys-shares-fall-after-earnings-and-revenue-miss-2017-11-08).
MGM Resorts International(MGM) added 3.3% even as the company reported third-quarter profit that was below Wall Street expectations (http://www.marketwatch.com/story/shares-of-mgm-resorts-fall-after-company-reports-profit-below-expectations-2017-11-08).
What are other assets doing?
European stocks traded mostly lower (http://www.marketwatch.com/story/european-shares-face-2nd-straight-loss-as-banks-fall-2017-11-08), while Asian markets (http://www.marketwatch.com/story/hong-kong-edges-ahead-as-asian-markets-largely-pull-back-2017-11-07) largely closed with losses. Gold futures gained (http://www.marketwatch.com/story/gold-gets-a-small-lift-from-weaker-stocks-dollar-2017-11-08), oil futures (http://www.marketwatch.com/story/oil-heads-lower-ahead-of-us-government-update-on-crude-supply-and-production-2017-11-08) traded lower, and the ICE U.S. Dollar Index edged down (http://www.marketwatch.com/story/dollar-tilts-lower-on-tax-cut-uncertainty-2017-11-08).
(END) Dow Jones Newswires
November 08, 2017 10:09 ET (15:09 GMT)