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Wall
Street closed lower on Monday, dragged down by financial and
consumer discretionary sectors, as some investors booked profits
on the heels of a record-setting week.
U.S. stocks have jumped since Donald Trump's victory in the
presidential election, with the S&P 500 up nearly 3 percent, as
investors expect his plans to boost infrastructure spending, cut
corporate taxes and reduce regulation to boost the economy.
Economic data scheduled to be released on Tuesday includes a
report on the second estimate for gross domestic product that
will show the economy probably increased at 3.0 percent in the
third quarter after expanding at a 2.9 percent pace in the
second quarter. The data is expected at 8:30 a.m. ET.
An S&P CoreLogic Case-Shiller report is expected to show its
20-city index rose 5.2 percent in September, while another
report at 10 a.m. ET is expected to show that consumer
confidence increased in November.
New York Fed President William Dudley is scheduled to speak at
8:15 a.m. ET in San Juan, Puerto Rico on economic opportunities.
Fed Governor Jerome Powell will speak on the economic outlook in
Indiana at 12:40 p.m. ET.
Traders are pricing in an 89 percent chance for a rate hike in
December. The Fed next meets on Dec. 13-14.
Oil prices fell around 2 percent on signs leading oil exporters
were struggling to agree a deal to cut production to reduce
global oversupply. [O/R]
Tiffany <TIF.N> was up 2.4 percent at $80 after the upscale
jeweler reported its first rise in sales in eight quarters.
Mallinckrodt <MNK.N> rose 4.1 percent to $60.01 after the
drugmaker's quarterly results beat expectations.
(Reporting by Tanya Agrawal)
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