Wall Street added to losses in early afternoon trading on Tuesday, with the S&P and the Dow weighed down by financial stocks and the Nasdaq slipping on weak forecast from travel services company, Priceline.
The financial sector led the decliners among the 11 major S&P sectors, with a 1.26 percent fall.
U.S. 10-year treasury yields hit a two-week low and briefly fell below the 200-day moving average. [US/]
Goldman Sachs weighed the most on the Dow, while JPMorgan and Bank of America were among the top three drags on the S&P.
Priceline fell 12.1 percent and that of travel-review website operator TripAdvisor hit a five-year low after the companies gave soft fourth-quarter profit forecasts.
Investors are also waiting for more clarity on President Donald Trump’s tax-cut plan as the earnings season winds down.
Republicans plan to bring their tax overhaul bill for a vote next week, U.S. House Ways and Means Committee Chairman Kevin Brady said on Tuesday, adding that he expects the plan to pass.
House Republicans last week unveiled a first draft that proposed a range of cuts aimed at helping businesses, including slashing the corporate rate to 20 percent from 35 percent.
“The market is waiting for the next catalyst, which is the tax bill,” said Adam Sar
via Reuters
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Alfonso Esparza
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