Wall Street Slips as Merck Drops, Tax Talk Rattles
In other corporate news, the board of Japan’s SoftBank Group Corp is having doubts about the merger it has been negotiating between its U. S. wireless subsidiary Sprint Corp
and T-Mobile US Inc, due to fears of losing control of a combined entity, a source familiar with the matter told Reuters.
(Reuters) - Wall Street pulled back from record-high territory on Monday, weighed down by a drop in Merck shares and a report
that U. S. lawmakers are discussing a gradual phase-in of much-anticipated corporate tax cuts.
Rick Meckler said that A lot of people are looking to that corporate tax cut as a reason for the next leg up in stocks,
“We are in a market that has just been on an absolute low-volatility, steady climb for quite a while, so you don’t
need much of a reason for it to take a periodic step back, particularly a small step back," Meckler said.
The Dow Jones Industrial Average fell 85.45 points, or 0.36 percent, to 23,348.74, the S&P 500 lost 8.24 points, or 0.32 percent, to 2,572.83
and the Nasdaq Composite dropped 2.30 points, or 0.03 percent, to 6,698.96.
reported Trump was "expected to" name Powell as soon as Thursday to replace Janet Yellen
as Fed chair, after Reuters reported earlier that Trump was likely to pick him.