Investing.com - U.S. shares edged weaker on Monday with investors fretting that President Donald Trump could rile the global trading regime and as earnings drifting in failed to lift spirits.
The Dow Jones fell 47.3 points, or 0.24%, the S&P 500 lost 8.07 points, or 0.36%, while the tech-heavy Nasdaq Composite traded down 7.64 points, or 0.14%.
Trump addressed U.S. manufacturing executives with a repeated promise to impose a border tax on firms that import products into the United States after moving American factories overseas and announced the country had abandoned the Trans-Pacific Partnership trade pact among a dozen nations. Trump's promises of tax cuts adn higher federal spending continue to hold the market's attention, but details are sparse.
Oilfield firm Halliburton (NYSE:HAL) fell 3% as it missed on revenue and warned that “the international downward cycle is still playing out”. Qualcomm (NASDAQ:QCOM) dropped 14% on analyst downgrades citing numerous lawsuits against the tech company for its patents on code division multiple access used by many handset and telecommunication firms.
Meanwhile, oil prices moved lower on Monday as prospects of rising U.S. production weighed on the market. Oilfield services provider Baker Hughes said Friday that the number of rigs drilling for oil in the U.S. last week jumped by 29 to 551, the largest weekly increase since a recovery in the rig count began in June and the highest level in around 14 months.
Global benchmark Brent crude fell 0.44% to $55.23 on London's Intercontinental Exchange, while U.S. crude on the New York Mercantile Exchange dropped 0.88% to $52.75 a barrel.
The U.S. dollar index also weakened by 0.59% to 100.18.