Energy companies led U.S. stock indexes slightly lower Monday as the price of crude oil fell.
The Dow Jones industrial average fell 27.40 points, or 0.1 percent, to 19,799.85. The Standard & Poor's 500 index slid 6.11 points, or 0.3 percent, to 2,265.20. The Nasdaq composite index lost 2.39 points, or 0.04 percent, to 5,552.94. The Russell 2000, which tracks smaller companies, gave up 4.01 points, or 0.3 percent, to 1,347.84.
Real estate, phone companies and other high-dividend stocks did better than the rest of the market as bond yields headed lower, making those sectors more appealing to investors seeking income.
Investors focused on the latest batch of company earnings and deal news. They also had their eye on Washington, where President Donald Trump reaffirmed plans to cut regulations on businesses and tax foreign goods entering the country.
"There was that huge rally postelection and things really were running on optimism," said Lisa Kopp, head of traditional investments at U.S. Bank Wealth Management. "What you're seeing now is people coming back to the idea that the policies aren't exactly clear ... and [Trump's] ability to actually push everything through exactly the way he wants is uncertain."
The major stock indexes were down slightly early Monday and veered little throughout the day as investors sized up company news and developments out of Washington.
At an early White House meeting with business leaders, Trump repeated a campaign promise to cut regulations by at least 75 percent. He also said there would be advantages to companies that make their products in the U.S., suggesting he will impose a "substantial border tax" on foreign goods entering the country.
Trump also signed a memorandum announcing the United States' intention to withdraw from the multination trade agreement known as the Trans-Pacific Partnership, and said he would renegotiate the North American Free Trade Agreement.
Companies that issued results or outlooks that fell short of Wall Street's forecasts put traders in a selling mood.
McDonald's shares fell 88 cents to $121.38 after the world's biggest hamburger chain reported a fourth-quarter drop in sales at established U.S. locations. The decline snapped a streak of five quarters of increases.
The slide in crude prices weighed on the energy sector, which fell 1.1 percent. Oil and gas rig operator Transocean slumped 55 cents, or 3.6 percent, to $14.76.
Benchmark U.S. crude fell 47 cents, or 0.9 percent, to close at $52.75 per barrel in New York. Brent crude, used to price international oils, slid 26 cents, or 0.5 percent, to close at $55.23 per barrel in London.
Major global stock markets mostly fell amid concerns that the Trump administration will pursue trade protectionism policies.
Germany's DAX slid 0.7 percent, while France's CAC-40 fell 0.6 percent. London's FTSE 100 gave up 0.7 percent.
The 10-year Treasury yield slid to 2.40 percent from 2.47 percent late Friday. Yields had generally been climbing since Election Day on expectations that a Trump administration would spur more inflation and economic growth.
Business on 01/24/2017