US stocks dip as market eyes Trump inauguration
Wall Street stocks dipped early Tuesday, at the start of a holiday-shortened week that culminates with Friday’s inauguration of Donald Trump as president of the United States.
Briefing.com analyst Patrick O’Hare attributed the market’s weakness in part to uncertainty over gaps between Trump and key congressional leaders on tax reform and health policy. There is also “increasing angst about protectionism.”
About 15 minutes into trading, the Dow Jones Industrial Average stood at 19,816.31, down 0.4 percent.
The broad-based S&P 500 also shed 0.4 percent to 2,265.76, while the tech-rich Nasdaq Composite Index fell 0.7 percent to 5,535.97.
Wal-Mart Stores gained 2.4 percent as it announced it was adding 10,000 US retail jobs through the opening of 59 new and expanded stores, a move that also will create an estimated 24,000 construction jobs.
Tiffany dropped 2.3 percent as it reported a two percent decline in worldwide comparable stores, due in part to diminished sales at its flagship Fifth Avenue Store. The store was negatively affected by “post-election traffic disruptions” resulting from the presidential transition in the Trump Tower next door.
Tobacco firm Reynolds American rose 3.6 percent on news it agreed to be fully acquired by British American Tobacco in a deal worth almost $50 million. The deal gives BAT ownership of the 57.8-percent of Reynolds American that it does not already own.