US close: Stocks mostly lower amid Trump worries
US stocks were mostly lower on Tuesday as investors erred on the side of caution following President Donald Trump’s controversial executive orders and as the Federal Reserve began its two-day policy meetings.
The Dow Jones Industrial Average closed down 0.54% to 19,864.09 points, the S&P 500 dropped 0.09% to 2,278.87 points and the Nasdaq rose 0.02% to 5,614.79 points.
The dollar weakened on worries about Trump’s policies, including a travel ban on people from seven Muslim-majority countries.
Trump has fired acting US attorney general Sally Yates after she questioned the legality of his immigration ban.
The greenback fell 0.93% versus the euro, dropped 0.72% versus the pound and slid 0.80% against the yen.
Amid concerns about Trump, US consumer confidence fell more than expected in January. The Conference Board’s consumer confidence index fell to 111.8 in January after reaching a 15-year high of 113.7 in December, driven by a less optimistic outlook for business conditions, jobs and consumers' income prospects. Economists had expected the index to fall marginally to 113 in January.
Meanwhile, the Labor Department revealed US employment costs rose less than forecast in the fourth quarter due to steady wage growth and the smallest increase in benefits in more than a year. The employment cost index climbed 0.5% after a 0.6% gain in the previous three months, missing forecasts for an unchanged 0.6%.
Wages and salaries edged up 0.5% for a second straight quarter, while benefits costs eased to 0.4%.
House prices in the US unexpectedly rose in November, according to the S&P/Case-Shiller National Home Price Index. The 20-City Composite index was up 5.3% year-on-year from 5.1% in October, beating expectations for a slowdown to 5%.
Another report showed economic activity in the Chicago area unexpectedly deteriorated in January. The Chicago purchasing managers’ index fell to 50.3 from a previously-revised 53.9 in December, marking its lowest level since May 2016 and missing expectations for an increase to 55.0.
In company news, Under Armour shares declined after its fourth-quarter earnings missed expectations and it announced that chief financial officer Chip Molloy was stepping down.
Harley Davidson dropped after its fourth-quarter earnings fell short of expectations.
ExxonMobil fell as the oil giant missed fourth quarter earnings expectations.
MasterCard was down after its revenue missed expectations, but beat earnings forecasts.
On the upside, luxury fashion retailer Coach was on the front foot as its fiscal second-quarter earnings beat estimates.
Pfizer rose even though its fourth-quarter numbers disappointed as part of sector-wide rally after President Trump called for scaling back drugmakers’ regulations and lowering taxes.
Sprint was a high riser after the company’s losses narrowed and beat the sales forecast.
After the closing bell, technology giant Apple reported better-than-expected quarterly earnings and revenue. Earnings per share rose to $3.36 from $3.28, beating forecasts of $3.21m. Revenue increased to $78.4bn from $75.9bn, compared to estimates of $77.42bn as iPhone shipments grew and services revenue gained.
Looking ahead to Wednesday, the Fed announces its policy decision following a two-day meeting. The central bank is widely expected to leave interest rates unchanged.
Dow Jones - Risers
Pfizer Inc. (PFE) $31.73 1.34%
Procter & Gamble Co. (PG) $87.59 0.98%
Merck & Co. Inc. (MRK) $61.99 0.91%
Wal-Mart Stores Inc. (WMT) $66.74 0.48%
Coca-Cola Co. (KO) $41.57 0.46%
United Technologies Corp. (UTX) $109.67 0.46%
Travelers Company Inc. (TRV) $117.80 0.23%
Johnson & Johnson (JNJ) $113.25 0.11%
Unitedhealth Group Inc. (UNH) $162.14 0.01%
Apple Inc. (AAPL) $121.35 -0.23%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $229.32 -1.96%
JP Morgan Chase & Co. (JPM) $84.63 -1.63%
Intel Corp. (INTC) $36.82 -1.60%
Boeing Co. (BA) $163.42 -1.30%
Visa Inc. (V) $82.71 -1.18%
Caterpillar Inc. (CAT) $95.66 -1.17%
American Express Co. (AXP) $76.38 -1.16%
Exxon Mobil Corp. (XOM) $83.83 -1.14%
General Electric Co. (GE) $29.70 -0.87%
Microsoft Corp. (MSFT) $64.65 -0.74%
S&P 500 - Risers
Thermo Fisher Scientific Inc. (TMO) $152.39 6.35%
Mallinckrodt Plc Ordinary Shares (MNK) $48.73 4.91%
Mylan Inc. (MYL) $38.05 4.71%
Danaher Corp. (DHR) $83.92 4.43%
Amerisource Bergen Corp. (ABC) $87.28 4.38%
Regeneron Pharmaceuticals Inc. (REGN) $359.29 4.29%
Coach Inc. (COH) $37.35 3.81%
Newmont Mining Corp. (NEM) $36.29 3.75%
GGP Inc (GGP) $24.84 3.67%
Endo International Plc (ENDP) $12.24 3.64%
S&P 500 - Fallers
Under Armour Inc. Class A (UAA) $21.49 -25.74%
United Parcel Service Inc. (UPS) $109.13 -6.75%
Valero Energy Corp. (VLO) $65.76 -3.62%
Pentair plc (PNR) $58.64 -3.51%
Nucor Corp. (NUE) $58.10 -3.34%
Tesoro Corp. (TSO) $80.85 -3.07%
Texas Instruments Inc (TXN) $75.54 -3.03%
Range Resources Corp. (RRC) $32.34 -3.00%
Mastercard Incorporated (MA) $106.29 -2.72%
Flowserve Corp. (FLS) $49.15 -2.61%
Nasdaq 100 - Risers
Mylan Inc. (MYL) $38.05 4.71%
Regeneron Pharmaceuticals Inc. (REGN) $359.29 4.29%
Celgene Corp. (CELG) $116.15 2.62%
Dollar Tree Inc (DLTR) $77.19 2.58%
Incyte Corp. (INCY) $121.21 2.52%
Biomarin Pharmaceutical Inc. (BMRN) $87.63 2.44%
Shire Plc Ads (SHPG) $167.81 2.12%
Alexion Pharmaceuticals Inc. (ALXN) $130.68 2.05%
T-Mobile Us, Inc. (TMUS) $62.27 1.86%
Vertex Pharmaceuticals Inc. (VRTX) $85.87 1.77%
Nasdaq 100 - Fallers
Texas Instruments Inc (TXN) $75.54 -3.03%
Microchip Technology Inc. (MCHP) $67.35 -2.48%
CSX Corp. (CSX) $46.39 -2.32%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $47.00 -2.14%
Cognizant Technology Solutions Corp. (CTSH) $52.59 -1.99%
Broadcom Limited (AVGO) $199.50 -1.83%
Analog Devices Inc. (ADI) $74.94 -1.76%
Priceline Group Inc (PCLN) $1,575.13 -1.70%
Intel Corp. (INTC) $36.82 -1.60%
Xilinx Inc. (XLNX) $58.20 -1.52%