* Trump to speak at 9:00 p.m. ET
* Target drops on sales warning, pulls down Wal-Mart
* Financials top losers among S&P sectors
* Indexes: Dow 0.09 pct, S&P 0.16 pct, Nasdaq 0.2 pct
(Updates to open)
By Yashaswini Swamynathan
Feb 28 U.S. stocks dipped Tuesday morning,
pulled lower by financial and consumer discretionary names, and
as investors focused on President Donald Trump's first speech to
a joint session of Congress.
Trump's promises of tax reform, infrastructure spending and
simpler regulations have sparked a post-election rally that has
propelled the main U.S. market indexes to record highs.
The address at 9:00 p.m. ET (0200 GMT) could touch on tax
reforms, defense spending and his plans to overhaul the U.S.
Indicating investors' focus on Trump's speech for clues on
how he planned to implement his agenda, reaction was largely
muted to data that showed U.S. economic growth slowed in the
"If he gives minimal detail this evening, then perhaps we
might get a little bit wind out of the sails on this recent
equity move," said Erik Wytenus, global investment specialist at
J.P. Morgan Private Bank.
Trump's comments on "big" infrastructure spending on Monday
helped the Dow Jones Industrial Average mark its 12
straight record close, a feat not seen since 1987.
At 9:42 a.m. ET the Dow Jones Industrial Average was
down 19.01 points, or 0.09 percent, at 20,818.43, the S&P 500
was down 3.86 points, or 0.16 percent, at 2,365.89 and
the Nasdaq Composite was down 11.68 points, or 0.2
percent, at 5,850.22.
Nine of the 11 major S&P sectors were lower, with financials
dropping the most by 0.3 percent.
Charles Schwab was the top drag on the financial
sector after the company said it would reduce its ETF trade and
online equity commissions, following similar cuts by Fidelity
Target was the biggest percentage loser on the S&P,
dropping 13.2 percent after the big-box retailer warned sales
could continue to decline this year. Shares of bigger rival
Wal-Mart were off 2.3 percent.
Perrigo dropped 10 percent to $75.72 after the
drugmaker said it would delay filing its annual report and would
review past accounting practices.
Priceline was the top stock on the S&P, with a 5.8
percent gain at $1,728.50, following quarterly revenue that blew
Declining issues outnumbered advancers on the NYSE by 1,656
to 965. On the Nasdaq, 1,672 issues fell and 647 advanced.
The S&P 500 index showed 25 new 52-week highs and four new
lows, while the Nasdaq recorded 52 new highs and 21 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by