By Anora Mahmudova and Wallace Witkowski, MarketWatch
Qualcomm shares plunge after Apple lawsuit
U.S. stocks closed down Monday, but off session lows of the day
as investors wrestled with uncertainty over the policies of
President Donald Trump and as a batch of corporate quarterly
results came out mixed.
The Dow Jones Industrial Average closed down 27.40 points, or
0.1%, at 19,799.85, with General Electric Co. (GE) shares leading
losses with a 2.6% decline. Earlier, the blue-chip average had been
off by as many as 95 points. Another Dow component McDonald's Corp
(http://www.marketwatch.com/story/mcdonalds-expected-to-report-weak-sales-but-analysts-are-optimistic-long-term-2017-01-20).(MCD)
also weighed even after the fast-food giant reported earnings that
beat expectations.
The S&P 500 fell 6.11 points, or 0.3%, to close at 2,265.20,
with six of the main 11 sectors trading lower. Energy shares were
hit hardest as oil prices sank, with industrials the second poorest
performers. Earlier in the session, the index had been down 14
points.
The Nasdaq Composite Index closed down 2.39 points at 5,552.94,
after being down by as many as 33 points earlier, weighed down by a
selloff in biotechnology shares with the iShares Nasdaq
Biotechnology ETF (IBB) down 0.9%.
Stocks initially pared losses as the first official Trump
administration news briefing, hosted by Press Secretary Sean
Spicer, got under way Monday, following a weekend of protests
across the country and world in the wake of Trump's inauguration.
That modest paring of losses stalled but picked up again heading
into the close.
Trump promised to cut regulations by 75% and renegotiate trade
deals at a Monday morning meeting with business leaders from
companies, including Ford Motor Co.(F) and Dow Chemical Co.(DOW),
to discuss ways to create U.S. jobs and boost the economy.
Fulfilling a campaign promise, Trump signed an order officially
pulling the U.S. out of the Trans-Pacific Partnership. Congress had
never ratified the agreement.
On deck, Trump has set up meetings with Canadian and Mexican
leaders, and will host U.K. Prime Minister Theresa May on Friday to
lay the groundwork for a trade pact
(http://www.marketwatch.com/story/with-focus-on-trade-trump-to-meet-canada-mexico-uk-leaders-2017-01-22).
"It's still early stages of Trump's administration and so far
it's all sound bites and not real action. People should pay
attention to what he accomplishes in the first 100 days in office
and not so much to what he says," said Maris Ogg, president at
Tower Bridge Advisors.
On the earnings front, she said, "the fourth-quarter numbers are
coming in fine, but we are a little concerned about first-quarter
earnings as the rapid rise in the dollar would have impacted
companies, especially international companies."
Need to know:'Bond King' says look east if you're nervous about
the U.S. bull market under Trump
(http://www.marketwatch.com/story/nervous-about-the-us-bull-market-under-trump-the-bond-king-says-to-look-east-2017-01-23)
A swath of S&P 500 components, 34, are scheduled to report
results this week, including a few Dow components. Of the 54
companies that have reported so far, 74% are beating earnings
estimates by a median of 5%, according to Fundstrat.
On the earnings front, "investors will not only be watching for
continued signs of improving sales and earnings, but also will
closely analyze just what management teams are saying about their
outlook for their businesses under the new administration," wrote
Andrew Adams, market strategist at Raymond James in emailed
notes.
Opinion:10 popular stocks at risk from Trump's 'America first'
inauguration speech
(http://www.marketwatch.com/story/10-popular-stocks-at-risk-from-trumps-america-first-inauguration-speech-2017-01-20)
Some fear the postelection rally for stocks may continue to
unwind if Trump doesn't start to get more specific about his fiscal
plans.
Read:All investment decisions must be re-evaluated as the Trump
era dawns
(http://www.marketwatch.com/story/stock-market-braces-for-sea-change-as-donald-trump-takes-charge-2017-01-21)
Stock movers:Halliburton Co.(HAL) shares dropped 2.9% as the
company beat profit expectations, but posted a sales miss
(http://www.marketwatch.com/story/halliburton-beats-profit-expectations-but-sales-miss-2017-01-23).
See:Jeff Reeves on 6 tech stocks that could move big on earnings
(http://www.marketwatch.com/story/6-tech-stocks-that-could-move-big-on-earnings-2017-01-21)
Foxconn Technology Group(2354.TW) may build a display-panel
manufacturing facility in the U.S
(http://www.marketwatch.com/story/foxconn-may-team-with-apple-to-build-7-billion-manufacturing-facility-in-us-2017-01-22).
as part of a joint venture with Apple Inc.(AAPL), worth up to
50,000 jobs, the company's chairman said Sunday.
Shares of Humana Inc.(HUM) and Aetna Inc.(AET) both fell
following reports that the merger between the two insurers has been
blocked. Aetna shares closed down 2.7%, but Humana shares bounced
back and closed up 2.2%.
Qualcomm Inc.(QCOM) shares plunged 13% after Apple Inc. filed a
lawsuit for $1 billion late Friday, alleging the company sought
"onerous" terms in a chip deal
(http://www.marketwatch.com/story/apple-sues-qualcomm-for-1-billion-2017-01-20).
AMC Entertainment Holding Inc. (AMC) announced Monday a deal to
buy Stockholm-based Nordic Cinema Group Holding AB for the
equivalent of $292 million in cash
(http://www.marketwatch.com/story/amc-entertainment-next-big-acquisition-is-swedens-nordic-chttp:/www.marketwatch.com/story/amc-entertainment-next-big-acquisition-is-swedens-nordic-cinema-for-929-million-2017-01-23inema-for-929-million-2017-01-23).
Other markets: European stocks finished lower
(http://www.marketwatch.com/story/european-stocks-pull-lower-after-trumps-speech-2017-01-23),
while in Asia, the Nikkei 225 lost 1.3% on yen strength. The
10-year Treasury yield
(http://www.marketwatch.com/story/treasury-yields-tick-lower-as-investors-hope-for-more-policy-details-2017-01-23)
moved lower, falling 6 basis points to 2.40%. The dollar
(http://www.marketwatch.com/story/yen-rises-dollar-falls-as-trump-inauguration-speech-fails-to-impress-2017-01-23)
moved lower across the board, while dollar-priced gold , which can
benefits from weakness in the buck, settled up 0.9% at $1,215.60 an
ounce.
Oil prices
(http://www.marketwatch.com/story/oil-prices-steady-in-wake-of-saudi-comments-on-supply-2017-01-23)
settled down 0.9% at $52.75 a barrel after a short-lived boost from
Saudi Arabia, whose oil officials expressed confidence that a deal
to cut production is putting a dent on excess supply.
--Barbara Kollmeyer in Madrid contributed to this article.
(END) Dow Jones Newswires
January 23, 2017 16:26 ET (21:26 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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