Wall St. set to end week on whimper as tax changes mulled

Wall Street was set to end the week on a muted note on Friday, with major indexes slipping modestly, as investors weighed the fate of the Republicans` tax cut plan.

Investors have been hopeful that a tax bill under debate in Congress will boost corporate earnings and further fuel the stock market`s record-setting run.

Congressional Republicans took important steps on Thursday toward the biggest U.S. tax-code overhaul since the 1980s, with the House of Representatives approving a broad package of tax cuts. The debate shifts to the Senate, where a bill has already encountered resistance within the Republican ranks.

TRENDING NOW

India's monsoon rains hit five-year low due to El Nino

SBI, HDFC Bank, Axis Bank: How much processing fee are prominent banks charging for home loans?

Centre's action plan to check air pollution in Delhi takes effect

Credit Card: I have no income proof; can a bank issue me a credit card?

Jet fuel price hiked, check out new rates in New Delhi, Mumbai, other major cities

IND Vs ENG LIVE Score, ICC World CUP 2023 Warm Up Match Updates: India to take on England in their first warm-up match at Barsapara Stadium, Guwahati

LPG rates with effect from October 1: This is how much you pay for commercial & domestic LPG cylinders now

Auto giant Aston Martin launches DB12 in India; know ex-showroom price and specifications

CFTC orders three major US banks to pay over $50 million for swap-reporting failures

EPFO extends deadline to upload details by employers for higher pension option by 3-month till Dec 31

Noida emerges as premier real estate destination in NCR; here's some factors driving its rise

Amazon Great Indian Festival: Get Apple iPhone 14 for as low as Rs 23,249

India's Aditya-L1 spacecraft successfully escapes sphere of Earth's influence

Guaranteed Pension System (GPS) vs Old Pension Scheme (OPS): Which pension scheme offers maximum retirement benefits?

A M Naik steps down as chairman of L&T Group

A Reuters poll showed that nearly two-thirds of more than 60 economists said they were not confident the Trump administration would get the legislation passed this year.

"Everybody is looking at that tax plan and wondering exactly what are the devils in the details," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.

The Dow Jones Industrial Average <.dji> fell 96 points, or 0.41 percent, to 23,362.36, the S&P 500 <.spx> lost 4.29 points, or 0.17 percent, to 2,581.35 and the Nasdaq Composite <.ixic> dropped 4.05 points, or 0.06 percent, to 6,789.25.

The benchmark S&P 500 has rallied more than 15 percent this year, supported by corporate earnings growth and solid economic data.

With nearly all of the S&P 500 companies reporting results, third-quarter earnings are expected to have climbed 8.2 percent, according to Thomson Reuters I/B/E/S.

Abercrombie & Fitch jumped 24.9 percent and Gap rose 7.7 percent after the apparel retailers reported results that beat estimates.

Shares of sports retailers soared on better-than-expected earnings. Foot Locker jumped 26.8 percent, Shoe Carnival surged 30.0 percent and Hibbett Sports gained 16.2 percent.

Twenty-First Century Fox shares rose 4.8 percent after two people familiar with the situation said both Comcast and Verizon were interested in buying parts of its studio and TV operations.

Advancing issues outnumbered declining ones on the NYSE by a 1.81-to-1 ratio; on Nasdaq, a 1.56-to-1 ratio favored advancers.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)