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MARKET SNAPSHOT: Stock Market Slumps On Anniversary Of Trump Election Day Win

Snap, LendingClub, Fossil set for big down days after earnings

U.S. stocks struggled to gain upward momentum on Wednesday, opening nearly flat 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 33 points, or 0.1%, at 23,526, the S&P 500 index was down 4 points, or 0.1%, at 2,586. Meanwhile, the technology-oriented Nasdaq Composite Index was off 6 points, or 0.1%, at 6,763.

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?

"On a week light on tier-one economic data, the focus is on how tax reform is progressing," said Richard Perry, a Hantec Markets analyst, in a note.

"However, in negotiations to try and sweeten the bill, there are suggestions that there could be somewhat of a climb-down as the Republicans could delay the cuts to corporation tax by twelve months."

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)

There are no top-tier U.S. economic releases or Federal Reserve speeches expected on Wednesday.

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 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) and accessories seller (http://www.marketwatch.com/story/fossil-shares-fall-20-on-weak-outlook-2017-11-07)Fossil Group Inc.(FOSL) tumbled after each company gave a disappointing outlook while reporting earnings late Tuesday.

Take-Two Interactive Software Inc.(TTWO) climbed 10% premarket 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.

Regeneron Pharmaceuticals Inc.(REGN), rallied 2.6% 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 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) fell 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 09:46 ET (14:46 GMT)