The major US stock-market indexes traded in the red throughout nearly all of Monday.
The dollar hit a six-week low on the first full working day of President Donald Trump’s administration amid uncertainty about the impact of tighter trade policy. Treasurys and gold rallied as demand for safe-haven assets increased.
First, the scoreboard:
- Dow: 19,789.71, -37.54, (-0.19%)
- S&P 500: 2,265.31, -6.00, (-0.26%)
- Nasdaq: 5,552.47, -2.87, (-0.05%)
Trump signed an executive order regarding his intent to pull the US out of the Trans-Pacific Partnership trade deal. The deal, which would lower tariffs for 12 countries around the Pacific Rim, including Japan and Mexico but excluding China, was negotiated under the Obama administration.
- Trump said in a meeting with CEOs that his administration would ‘cut regulations by 75%’ and impose a ‘very major border tax.’ Trump met with CEOs including Kevin Plank of Under Armour, Elon Musk of Tesla, and Mark Fields of Ford.
A federal judge blocked Aetna’s proposed $37 billion takeover of Humana. The government alleged that the merger would likely lessen competition in the health-insurance market.
- McDonald’s can’t keep up with all-day breakfast. A “challenging comparison against the prior-year launch” was behind a 1.3% drop in same-store sales during Q4, the company said.
- Halliburton, the world’s second-largest oilfield services provider, warned of weakness in markets outside of North America. The company reported a better-than-expected adjusted profit for the fourth quarter as US shale drillers increased activity.
- Sprint bought a 33% stake in the music-streaming service Tidal. “Sprint shares our view of revolutionising the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” Jay Z, Tidal’s co-owner, said in a statement.
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