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US STOCKS-Wall St slips as investors seek fresh catalysts
February 6, 2017 / 5:57 PM / 8 months ago

US STOCKS-Wall St slips as investors seek fresh catalysts

* Tiffany shares fall after CEO steps down

* Hasbro hits record high after results beat expectations

* Indexes down: Dow 0.12 pct, S&P 0.24 pct, Nasdaq 0.14 pct (Updates to early afternoon)

By Tanya Agrawal

Feb 6 (Reuters) - U.S. stocks slipped in early afternoon trading on Monday amid a lack of major catalysts, including economic data, and uncertainty over President Donald Trump’s policies.

Markets rallied sharply after Trump’s election victory in November, riding on hopes that his plans including simpler regulations, higher infrastructure spending and tax cuts will boost the economy.

However, investors have become wary about Trump’s focus on isolationist policies, including a travel ban on seven mainly Muslim nations that was blocked by a federal judge on Friday.

Nearly 100 companies including Alphabet, Apple and Facebook banded together to file a legal brief opposing the ban, arguing that it “inflicts significant harm on American business.”

Trump’s agenda presents risks as tax cuts and infrastructure funding may boost growth, but restrictions on trade and immigration could offset their effect, Goldman Sachs economist Alec Phillips said in a note.

At 12:39 p.m. ET (1739 GMT) the Dow Jones industrial average was down 23.3 points, or 0.12 percent, at 20,048.16.

The S&P 500 was down 5.57 points, or 0.24 percent, at 2,291.85 and the Nasdaq Composite was down 7.88 points, or 0.14 percent, at 5,658.89.

“Investors are in a wait-and-see mode and are looking for the next bullish catalyst to send the market higher,” said Adam Sarhan, chief executive officer at 50 Park Investments.

“There are concerns regarding the backlash against any protectionist policies that come out of Washington and other countries and investors are seeking clarity.”

French far-right party leader Marine Le Pen launched her bid for the presidency with a vow to fight deregulated globalization and to take France out of the euro.

Ten of the 11 major S&P sectors were lower, with the energy index’s 0.91 percent fall leading the decliners.

Oil fell more than 1 percent as a stronger dollar, ample U.S. supplies and excess speculative length outweighed OPEC output curbs and rising tensions between the United States and Iran.

Microsoft’s 0.52 percent fall weighed the most on the S&P and the Nasdaq.

Hasbro jumped as much as 16.6 percent to a record high of $96.34 after the toymaker’s quarterly results beat expectations. The stock provided one of the biggest boost to the Nasdaq.

Tyson Foods fell 3.2 percent to $63.34 after the nation’s biggest chicken processor disclosed it had received a subpoena from U.S. authorities that was likely linked to price fixing.

Tiffany fell 2.8 percent to $78.21 as the upscale jeweler said its CEO has stepped down after what the company called disappointing financial results.

Declining issues outnumbered advancers on the NYSE by 1,771 to 1,076. On the Nasdaq, 1,728 issues fell and 1,032 advanced.

The S&P 500 index showed 12 new 52-week highs and one new low, while the Nasdaq recorded 90 new highs and 18 new lows. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D‘Silva)

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