Energy and industrial companies led U.S. stock indexes lower in afternoon trading Monday as investors pored over the latest crop of company earnings and deal news. Real estate and phone company stocks rose as bond yields fell. Traders also had their eye on Washington as President Donald Trump reaffirmed plans to slash regulations on businesses and tax foreign goods entering the country.
KEEPING SCORE: The Dow Jones industrial average fell 52 points, or 0.3 percent, to 19,774 as of 2:29 p.m. Eastern Time. The Standard & Poor’s 500 index slid 9 points, or 0.4 percent, to 2,261. The Nasdaq composite index lost 11 points, or 0.2 percent, to 5,543.
TRUMP ON BUSINESS: At a White House meeting early Monday with business leaders, Trump repeated a campaign promise to cut regulations by at least 75 percent. He also said there would be advantages to companies that make their products in the U.S., suggesting he will impose a “substantial border tax” on foreign goods entering the country.
THE QUOTE: “There was that huge rally postelection and things really were running on optimism,” said Lisa Kopp, head of traditional investments at U.S. Bank Wealth Management. “What you’re seeing now is people coming back to the idea that the policies aren’t exactly clear … and (Trump’s) ability to actually push everything through exactly the way he wants is uncertain.”
BLOCKED: Aetna fell 3.1 percent after a federal judge rejected the health insurer’s plan to buy rival Humana for about $34 billion. Aetna said it is reviewing the opinion and is considering an appeal. Aetna’s stock dropped $3.81 to $118.72.
UNHAPPY MEALS: McDonald’s was down 0.9 percent after the world’s biggest hamburger chain reported a fourth-quarter drop in sales at established U.S. locations. The decline snapped a streak of five quarters of increases. The stock shed $1.13 to 121.13.
BIG DECLINER: Qualcomm fell 11.5 percent on news that Apple is suing the maker of semiconductors, one of its major suppliers, for $1 billion in a patent fight. Qualcomm was the biggest decliner among companies in the S&P 500 index, sliding $7.20 to $55.68.
MIXED OUTLOOK: Halliburton slid 2.9 percent after the oilfield service company warned of weaker demand in markets outside North America and its revenue missed forecasts. The stock shed $1.63 to $54.82.
TURBULENT WEEKEND: United Continental Holdings fell 3.2 percent after six of the airline’s flights were cancelled and 200 more were delayed Sunday because of a computer problem. The stock gave up $2.39 to $72.85.
KATE COURTED: Kate Spade climbed 3.2 percent after Bloomberg News reported that the handbag maker has attracted takeover interest from Coach, Michael Kors and international companies. Kate Spade rose 57 cents to $18.33.
CRANK IT UP: Sprint gained 3.1 percent on news the mobile phone carrier is buying a 33 percent stake in Tidal, the music streaming service. The stock added 28 cents to $9.21.
MARKETS ABROAD: Major global stock markets mostly fell amid concerns that the Trump administration will pursue trade protectionism policies. Germany’s DAX slid 0.7 percent, while France’s CAC-40 fell 0.6 percent. London’s FTSE 100 gave up 0.7 percent. In Asia, a report showed that China’s economic growth ticked up in the final quarter of 2016, but the full-year expansion was the weakest in three decades. Hong Kong’s Hang Seng was unchanged. Tokyo’s Nikkei 225 fell 1.3 percent.
OIL: Benchmark U.S. crude was down 23 cents, or 0.4 percent, at $52.99 per barrel in New York. On Friday, the contract jumped $1.10. Brent crude, used to price international oils, was down 21 cents, or 0.4 percent at $55.28 per barrel in London. It soared $1.33 the previous session.
TREASURY YIELDS: Bond prices rose. The 10-year Treasury yield fell to 2.40 percent from 2.47 percent late Friday.
CURRENCIES: The dollar declined to 113.03 yen from 114.31 yen Friday. The euro gained to $1.0741 from $1.0707.
METALS: The price of gold gained $10.70, or 0.9 percent, to $1,215.60 an ounce. Silver added 15 cents, or 0.9 percent, to $17.19 an ounce. Copper rose 2 cents to $2.65 a pound.