US close: Most banks higher on latest Trump rhetoric
US equity markets were mostly down on Monday as investors exercised caution amid the uncertainty of President Donald Trump’s policies, while the dollar gained.
With no major economic data releases, market participants looked towards the White House for more indications of his economic policies and as a legal confrontation looms over his immigration ban.
The Dow Jones Industrial Average fell 0.09% to 20,052.42, the S&P 500 ticked down 0.21% to 2,292.56 and the Nasdaq Composite shaved off 0.06% to 5,663.55.
Craig Erlam, senior market analyst at Oanda, said: "The new US President has been extremely active since his inauguration which has kept investors on their toes given the combination of market friendly and unfriendly policies that got him elected.
"Deregulation was the latest target for the President which provided a big boost to financial stocks on Friday as he aims to undo some of the regulatory burden created by Dodd-Frank following the financial crisis."
Banking stocks initially gained on the news that the Trump administration would review the Dodd-Frank Act on financial regulations, though they ended mixed.
Goldman Sachs was down 0.37%, JP Morgan Chase & Co rose 0.72%, Morgan Stanley increased 0.45% and Citigroup fell 0.21%.
A group of nearly 100 major technology companies including Apple, Alphabet’s Google, Microsoft and Facebook were getting together to fight Donald Trump’s immigration restrictions.
On Friday, US District Judge James Robart of Seattle granted a temporary ban on Trump’s immigration order, while a federal appeals court on Sunday declined to reinstate the ban quickly.
Michael Hewson, chief markets analyst at CMC Markets, said: “After Friday's post payrolls rebound, US markets have rolled over into the new week, opening lower, as the end of week euphoria that greeted the announcement of a review into Dodd-Frank regulation, is just that, a review, and with no guarantee of making it through Congress.
“While some could argue that a lot of the Volcker Rule and Dodd-Frank could do with some fine tuning, it’s asking a lot to believe that all of it will be rolled back.
“There are probably enough people on both sides of the political divide of Republicans and Democrats, who will be reluctant to roll back the progress made on making the banking system safer since 2008.”
In other corporate news, Hasbro rallied 14.14% after the toymaker beat quarterly revenue estimates and lifted its dividend, whereas Tyson Foods fell 3.46% despite topping quarterly earnings forecasts.
Tiffany & Co dropped 2.46% following the exit of its chief executive Frederic Cumenal as the board was “disappointed by recent financial results”.
21st Century Fox slipped 1.08% ahead of its second-quarter figures due after the close.
Dow Jones - Risers
Merck & Co. Inc. (MRK) $64.94 1.01%
Boeing Co. (BA) $163.98 0.97%
United Technologies Corp. (UTX) $110.68 0.94%
Apple Inc. (AAPL) $130.29 0.94%
Nike Inc. (NKE) $52.80 0.84%
Pfizer Inc. (PFE) $32.23 0.44%
McDonald's Corp. (MCD) $124.45 0.17%
Coca-Cola Co. (KO) $41.56 0.05%
3M Co. (MMM) $175.10 0.03%
International Business Machines Corp. (IBM) $175.86 0.02%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $48.03 -1.13%
Home Depot Inc. (HD) $136.49 -1.08%
Unitedhealth Group Inc. (UNH) $160.51 -0.84%
Intel Corp. (INTC) $36.27 -0.68%
Walt Disney Co. (DIS) $109.57 -0.66%
Chevron Corp. (CVX) $112.98 -0.52%
JP Morgan Chase & Co. (JPM) $86.77 -0.47%
Caterpillar Inc. (CAT) $92.85 -0.44%
Goldman Sachs Group Inc. (GS) $239.98 -0.40%
Visa Inc. (V) $85.83 -0.29%
S&P 500 - Risers
Hasbro Inc (HAS) $94.31 14.14%
Cabot Oil & Gas Corp. (COG) $23.73 10.73%
Newmont Mining Corp. (NEM) $37.94 3.21%
Fastenal Co. (FAST) $50.39 2.75%
Mallinckrodt Plc Ordinary Shares (MNK) $50.67 2.74%
Nvidia Corp. (NVDA) $117.31 2.56%
American Airlines Group (AAL) $45.30 2.49%
Alcoa Corporation (AA) $37.75 2.41%
Stericycle Inc. (SRCL) $75.30 2.17%
Omnicom Group Inc. (OMC) $87.43 1.97%
S&P 500 - Fallers
Laboratory Corporation of America Holdings (LH) $129.86 -5.69%
Newell Brands Inc (NWL) $44.23 -5.67%
Diamond Offshore Drilling Inc. (DO) $16.25 -4.75%
FMC Technologies Inc. (FTI) $32.03 -4.13%
Marathon Oil Corp. (MRO) $16.52 -4.12%
Tyson Foods Inc. (TSN) $63.13 -3.46%
Devon Energy Corp. (DVN) $45.27 -3.25%
Transocean Ltd. (RIG) $13.53 -3.08%
Apache Corp. (APA) $57.87 -2.97%
Signet Jewelers Ltd (SIG) $74.06 -2.94%
Nasdaq 100 - Risers
Hasbro Inc (HAS) $94.31 14.14%
Fastenal Co. (FAST) $50.39 2.75%
Tesla Inc (TSLA) $257.77 2.56%
Nvidia Corp. (NVDA) $117.31 2.56%
American Airlines Group (AAL) $45.30 2.49%
Mylan Inc. (MYL) $39.98 1.96%
Yahoo! Inc. (YHOO) $44.42 1.62%
Baidu Inc. (BIDU) $177.81 1.51%
NetEase Inc. Ads (NTES) $258.67 1.44%
Starbucks Corp. (SBUX) $55.73 1.22%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $75.12 -2.05%
Autodesk Inc. (ADSK) $82.82 -1.88%
Charter Communications Inc. (CHTR) $322.60 -1.86%
Seagate Technology Plc (STX) $45.44 -1.84%
Dish Network Corp. (DISH) $60.98 -1.41%
Liberty Global plc Series C (LBTYK) $34.87 -1.33%
TripAdvisor Inc. (TRIP) $51.96 -1.24%
Sba Communications Corp. (SBAC) $104.40 -1.22%
Twenty-First Century Fox Inc Class B (FOX) $30.72 -1.19%
Twenty-First Century Fox Inc Class A (FOXA) $31.06 -1.08%