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US stocks dip as Republicans unveil health plan

Mar 08 2017 07:30

New York - US stocks dipped early on Tuesday as congressional Republicans unveiled a controversial health bill that traders worry could delay enactment of tax cuts and other growth measures.

The American Health Care Act would dismantle several core aspects of former president Barack Obama's health law, fulfilling a campaign pledge by President Donald Trump, but also potentially disrupting momentum for tax cuts.

Optimism about Trump's planned tax cuts and stimulus spending were a catalyst in a series of stock market records since the November election.

About 15 minutes into trading, the Dow Jones Industrial Average was at 20 917.67, down 0.2%.

The broad-based S&P 500 lost 0.3% at 2 368.76, while the tech-rich Nasdaq Composite Index shed 0.3% to 5 833.66.

In recent days, more analysts have begun to discuss a longer time horizon to implement key aspects of Trump's agenda. Barclays cited the health policy debate, as well as probes into Trump's relationship with Russia, as a reason to revise its forecasts for 2017 and 2018.

"The administration continues to spend time and political capital in ways we did not anticipate," Barclays said in the note last week.

Nimble Storage surged 45.2% after Hewlett Packard Enterprise announced it reached a deal to buy the data storage company for $1bn. Hewlett Packard Enterprise lost 0.1%.

Dick's Sporting Goods slumped 5.6% after reporting earnings that missed its forecast following $93m in charges related to write downs and store closing charges.

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