U.S. stock futures hit
six-week low on failed healthcare bill
Send a link to a friend
[March 27, 2017]
By Yashaswini Swamynathan
stock index futures hit six-week lows on Monday after President Donald
Trump failed to push through his healthcare bill, raising concerns about
his ability to deliver on his economic agenda.
A Congress controlled by Trump's Republican party on Friday pulled a
bill to overhaul the Affordable Care Act or Obamacare, in a stunning
setback for the President's first major legislative move since taking
Investors took up defensive positions as the so-called "Trumpflation
trade" looked to unravel. The dollar, which had found favor on the
possibility of tax cuts and higher infrastructure spending, hit its
lowest since Nov. 11, while prices of safe haven gold shot up to
Banks, which had outperformed in the post-election rally on bets of
simpler regulations and higher inflation, were down more than 1 percent
premarket on Monday.
Still, the drop in futures appeared to be kept in check on Trump's
comment to turn his attention to getting "big tax cuts" through
Investors will look forward to comments from Chicago Federal Reserve
President Charles Evans and his Dallas counterpart Robert Kaplan for
clues on the timing of the next interest rate hike.
[to top of second column]
Traders work on the floor of the New York Stock Exchange (NYSE)
shortly after the opening bell in New York, U.S., March 21, 2017.
Fed Chair Janet Yellen is scheduled to speak at a conference on Tuesday
Snap Inc was up 4.7 percent at $23.80 in premarket trading on Monday
after multiple brokerages began coverage on the owner of Snapchat after
the blackout period for its IPO underwriters ended.
Amazon.com was off 0.96 percent at $837.50 after Dubai's Emaar Malls
made an $800 million offer for online retailer Souq.com. Amazon has
agreed in principle to buy Souq, according to sources.
Steel stocks, including AK Steel and United States Steel were down about
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil
[© 2017 Thomson Reuters. All rights
Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.