Wall Street stock indexes ended in red on Monday while market participants looked ahead for further details on Donald Trump’s economic agenda.
The three major indexes moved to the downside, with the Dow Jones industrial average and the S&P dropping more than 0.30 percent and the Nasdaq Composite falling 0.20 percent.
Dow Jones Industrial Average: -0.14 percent / 19799.85 points
Standard & Poor’s 500: -0.27 percent / 2265.20 points
Nasdaq Composite: -0.04 percent / 2265.20 points
President Donald Trump started a busy week by signing three executive orders, trying to move fast on accomplishing his campaign promises. Among those orders, the most controversial one is the US withdrawal from the Trans-Pacific Partnership (TPP).
"Great thing for the American worker, what we just did," said Trump who previously explained that his main priority is to put US interest first and not let other countries grow on their back.
Secondly, the Republican signed an order to effectively immediately stop hiring federal workers with the exception of military sector. Last but not least, he passed an executive order to stop federal funding of nongovernmental organizations that promote or finance abortions.
During his inauguration speech, Trump said trade agreements would have to renegotiated in order to keep moving forward, especially when referring to the North America Free Trade Agreement (NAFTA). He’s expected to also sign an order to reestablish talks on the matter.
On Monday and for a short period of time, stocks prompt up as Trump said that close to 75 percent of the current regulations will soon be gone. According to the magnate, regulations regarding workers’ safety will not be affected and will remain "just as protective of the people,"
The dollar, which have recently reached multiyear levels, has now returned back some of its post-election gains, moving to a six-week minimum against a basket of rivals.
As the corporate earnings season continued, Halliburton and McDonald's took the central stage on Monday. The fast-food giant showed better-than-expected results while Halliburton, came in above the bottom-line forecast.
Later in the day, investors will keep an eye on Manufacturing PMI (14:45 GMT) and Existing Home Sales (15:00 GMT). As for the first one, analysts predict a 0.2 points increase from last month reading, leaving the index at 54.5 points. Used properties are expected to show a reduction of 1.1 percent in December as the last month of the year may not be the perfect moment to buy or sell a house.