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U.S. stocks slide after Trump's speech

Xinhua, January 24, 2017 Adjust font size:

U.S. stocks traded mostly lower in the morning session on Monday, as investors digested corporate earnings reports and President Donald Trump's inauguration speech.

By noon, the Dow Jones Industrial Average shed 59.44 points, or 0.30 percent, to 19,767.81. The S&P 500 lost 9.48 points, or 0.42 percent, to 2,261.83. The Nasdaq Composite Index was down 18.69 points, or 0.34 percent, to 5,536.64.

In corporate news, shares of McDonald's corp. shed 1.16 percent to 120.84 dollars apiece around midday Monday, even though the company posted better-than-expected quarterly earnings report.

McDonald's fourth quarter comparable sales declined 1.3 percent in the U.S., reflecting the challenging comparison against the prior year launch of the very successful All-Day Breakfast.

Meanwhile, traders continued to ponder over Trump's inauguration speech last week and looked for more details on his policies.

In his inauguration address, Trump pledged to put "America first," reigniting some worries of protectionist policies. But he did not touch on specific economic or trade policies.

U.S. stocks posted solid gains after Trump won the presidency election as investors bet that he would pursue massive corporate tax cuts, deregulation, and infrastructure spending.

There are no major economic data scheduled to be released on Monday.

U.S. stocks wavered for the holiday-shortened last week as Wall Street pondered over a batch of global economic and political events. Endite