Investing.com – Wall Street traded lower on Monday as President Donald Trump repeated campaign promises and investors watched a smattering of earnings on an otherwise uneventful day.
At 11:15AM ET (16:15GMT), the Dow Jones fell 67 points, or 0.34%, the S&P 500 lost 10 points, or 0.44%, while the tech-heavy Nasdaq Composite traded down 22 points, or 0.39%.
On Monday morning, Trump met with executives from Johnson & Johnson (NYSE:JNJ), Lockheed Martin (NYSE:LMT), Tesla (NASDAQ:TSLA), Under Armour Inc A (NYSE:UAA) and more to tell them that manufacturers will get quick approval to build in the U.S., but will face major border taxes on goods produced elsewhere.
The President also repeated promises to massively cut taxes for the middle class and corporations, while saying that he thought his administration could do away with about 75% of regulations.
Trump was also expected to sign executive orders to kick start renegotiations of trade deals.
An administration press briefing was scheduled for 1:30PM ET (18:30GMT) in the hopes of gleaming an idea of his initial plans.
In a session lacking in major economic reports, investors focused on earnings. McDonald’s (NYSE:MCD) traded 0.74% lower, despite having beaten on both the top and bottom line.
Halliburton (NYSE:HAL) also disappointed sending shares down 3% as the oilfield services provider missed on revenue and warned that “the international downward cycle is still playing out”.
Qualcomm (NASDAQ:QCOM) tumbled 14% on a handful of analyst downgrades citing numerous lawsuits against the tech company.
On the upside, Kate Spade(NYSE:KATE) jumped 4% on a Bloomberg report that Coach and Michael Kors are studying a takeover of the apparel maker.
Yahoo (NASDAQ:YHOO) will also be in focus as it reports its earnings after the market close.
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.
U.S. crude futures lost 0.79% to $52.80 by 11:16AM ET (16:16GMT), while Brent oil traded down 0.40% to $55.27.