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US STOCKS-Wall St set to open lower amid political uncertainty
February 6, 2017 / 1:56 PM / 10 months ago

US STOCKS-Wall St set to open lower amid political uncertainty

* Tiffany shares fall after CEO steps down

* Hasbro jumps after quarterly results beat expectations

* Futures down: Dow 29 pts, S&P 4 pts, Nasdaq 9.75 pts (Adds details, comment, updates prices)

By Tanya Agrawal

Feb 6 (Reuters) - U.S. stocks looked set to open lower on Monday as investors sought fresh catalysts after a strong jobs report last week, while uncertainty over President Donald Trump’s policies continued to weigh.

Wall Street rose on Friday, with the S&P 500 closing just short of a record high, boosted by gains in financial shares as Trump moved ahead with deregulation.

However, investors are wary about Trump’s focus on isolationist policies such as travel restrictions to the United States.

A federal judge on Friday blocked a travel ban on seven mainly Muslim nations.

“The market is looking for direction from the White House on policy,” said Albert Brenner, director of asset allocation strategy at People’s United Wealth Management in Bridgeport, Connecticut.

“When you see the markets pause, it signals investors are becoming more rational and are waiting to see some concrete evidence that drove the market higher after the election.”

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, Goldman Sachs economist Alec Phillips said in a note that Trump’s agenda presents risks as tax cuts and infrastructure funding may boost growth, but may be offset by negative effects of restrictions on trade and immigration.

Dow e-minis were down 29 points, or 0.15 percent, with 25,175 contracts changing hands at 8:30 a.m. ET (1330 GMT).

S&P 500 e-minis were down 4 points, or 0.17 percent, with 134,369 contracts traded.

Nasdaq 100 e-minis were down 9.75 points, or 0.19 percent, on volume of 19,977 contracts.

Fourth-quarter earnings for S&P 500 companies are expected to grow 8 percent - their strongest performance in nine quarters.

Monday is light on data and earnings for investors to focus on.

Oil was slightly lower but steadied around $57 per barrel as rising tensions between the United States and Iran and OPEC supply cuts were countered by ample inventories and signs that higher prices will revive U.S. output.

Tiffany fell 4.4 percent to $76.95 in premarket trading as the upscale jeweler said its CEO has stepped down after what the company called disappointing financial results.

Hasbro jumped 10.7 percent to $91.50 after the toymaker’s quarterly results beat expectations.

Chipotle Mexican Grill was down 1.9 percent at $396.50 after Barron’s said the burrito chain’s stock could fall as much as 35 percent in the next year. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D‘Silva)

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