U.S. stocks edged lower as early moves by President Donald Trump highlighting a protectionist stance on trade gave investors cause to rethink the post-election rally. Bobbi Rebell reports.
U.S. stocks edged lower on Monday as early moves by newly sworn in President Donald Trump highlighting a protectionist stance on trade gave investors caused to rethink the post-election rally. The three major U.S. indices all closing lower. In his latest executive order, Trump signed to formally withdraw the United States from the 12-nation Trans Pacific Partnership trade deal Erin Gibbs of S&P Global: SOUNDBITE: ERIN GIBBS, VICE PRESIDENT, S&P GLOBAL, (ENGLISH) SAYING: "It really feels like everyone is just looking at Donald Trump. It doesn't feel as if we are really looking at valuations, interest rates, fundamental earnings. It really feels like he has dominated the first three weeks of the trading year." Qualcomm tumbled after Apple filed a $1 billion lawsuit against the chip supplier on Friday. Humana shares rose, and Aetna stock fell, after a U.S. judge blocked Aetna's plans to buy Humana. McDonald's U.S. restaurant sales fell for the first time in six quarters. The novelty of all-day breakfast failed to overcome competition from supermarkets and other food sellers. European shares closed at their lowest levels in three weeks weighted down by banks and oil stocks.