U.S. stocks dipped Tuesday morning, pulled lower by financial and consumer discretionary names, and as investors focused on President Donald Trump’s first speech to a joint session of Congress.
Trump’s promises of tax reform, infrastructure spending and simpler regulations have sparked a post-election rally that has propelled the main U.S. market indexes to record highs.
The address at 9:00 p.m. ET (0200 GMT) could touch on tax reforms, defense spending and his plans to overhaul the U.S. healthcare system.
Indicating investors’ focus on Trump’s speech for clues on how he planned to implement his agenda, reaction was largely muted to data that showed U.S. economic growth slowed in the fourth quarter.
“If he gives minimal detail this evening, then perhaps we might get a little bit wind out of the sails on this recent equity move,” said Erik Wytenus, global investment specialist at J.P. Morgan Private Bank.
Trump’s comments on “big” infrastructure spending on Monday helped the Dow Jones Industrial Average .DJI mark its 12 straight record close, a feat not seen since 1987.
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