US close: Markets mixed amid Trump's protectionist dream
US stocks finished mixed on Monday as investors mulled President Donald Trump’s policies.
The Dow Jones Industrial Average fell 0.14% to 19,799.85 and the S&P 500 was down 0.27% to 2,265.20, while the Nasdaq 100 finished up 0.05% to 5,065.70.
The dollar remained under pressure, having fallen on Friday after Trump’s speech revealed his protectionist agenda.
Trump said he planned to put “America first” and highlighted his intention to “buy American and hire American”.
Michael Hewson, chief market analyst at CMC Markets, said: “The dollar’s weakness that was starting to manifest itself last week has accelerated today in the aftermath of Friday’s populist Presidential inauguration speech prompted further weakness, due to a lack of detail on what fiscal measures the new administration would undertake to boost the economy.
“The dollar index has slid to its lowest levels since the 8 December, just before the Federal Reserve raised rates.”
On Sunday, he said he intends to renegotiate the North American Free Trade Agreement with Canada and Mexico and ditch the Trans-Pacific Partnership.
The former property tycoon will also host Prime Minister Theresa May on Friday to discuss a trade deal once Britain leaves the EU.
Meanwhile, oil prices fell despite Saudi Arabia’s energy minister, Khalid al-Falih, saying that the 20 countries that agreed to slash production are showing “very good compliance”, at a weekend meeting of producers in Vienna.
Brent crude was down 0.31% to $55.32 a barrel and West Texas Intermediate shaved off 0.78% to $52.81.
Elsewhere, the earnings season continued and according to Fundstrat, 74% of the 54 companies that have reported so far beat earnings forecasts by an average of 5%.
Halliburton shares fell 2.92% as the oil-field-services company reported that its fourth quarter losses widened and that revenue fell.
McDonald’s was down 0.72% after the fast-food giant posted better-than-expected quarterly worldwide same-store sales, although US revenue dipped.
Taiwan’s Foxconn rose 3.07% on news that it might build a display-panel manufacturing facility in the US with Apple.
Qualcomm tumbled 12.72% after Apple, which was up 0.07%, filed a suit against the company, alleging that it sought onerous terms in a chip deal.
Yahoo’s earnings were due after the closing bell.
Shares in Yahoo were up 0.83% after a report said that the US Securities and Exchange Commission has opened a probe into whether the tech company should have reported its two big data breaches to investors sooner.