Tuesday, 24 January 2017
Wall Street Dips On Trump Protectionism, Qualcomm Drag
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US stocks edged lower on Monday as early moves by President Donald Trump highlighting a protectionist stance on trade gave investors cause to rethink the post-election rally.
In his latest executive order, Trump signed to formally withdraw the United States from the 12-nation Trans-Pacific partnership trade deal. Trump has also vowed to renegotiate the North American Free Trade Agreement (NAFTA) with leaders of Canada and Mexico.
"Investors are really trying to gauge what the potential fallout or impact of Trump’s approach to trade, economics, taxes and regulation looks like," said Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York.
Earlier in the day, Trump met with a dozen prominent American manufacturers at the White House and said he would slash regulations and cut corporate taxes to boost the economy. Trump also plans to meet with leaders of construction and sheet metal unions on Monday and automotive executives Tuesday.
The post-election rally led Wall Street to repeated highs since the election but has stalled recently, with the S&P 500 having registered modest declines in consecutive weeks, as investors have become wary about the potential impact of an isolationist stance on world trade.