* Trump to speak at 9:00 p.m. ET
* Financial sector drops as brokerages' stocks weigh
* Target biggest loser on S&P after margin warning
* Indexes down: Dow flat, S&P 0.10 pct, Nasdaq 0.3 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Feb 28 U.S. stocks dipped Tuesday morning,
dragged down by financial and consumer discretionary shares,
with investors awaiting 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.
"What we're looking for tonight is just more meat on those
bones," said Mark Spellman, portfolio manager at Alpine Funds in
Purchase, New York.
"We've gotten these generalities and we're trying to figure
out how things are going to be constructed," he said.
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.
But on Wall Street, financial and consumer discretionary
stocks dropped, pulling down the major indexes.
Target fell 12.2 percent and was on track for its
worst day since December 2008 after the retailer's full-year
profit forecast missed estimates and the company said it would
take a $1 billion hit to margins.
Also weighing on sentiment was data that showed U.S.
economic growth slowed in the fourth quarter.
The dollar dropped 0.3 percent to 100.85 against a basket of
major currencies, while prices of safe-haven gold edged up by a
At 11:06 a.m. ET the Dow Jones Industrial Average was
down 0.37 points, or flat, at 20,837.07, the S&P 500 was
down 2.46 points, or 0.10 percent, at 2,367.29 and the Nasdaq
Composite was down 17.85 points, or 0.3 percent, at
Four of the 11 major S&P sectors were lower, while three
rose. The rest were little changed.
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 Investments. TD Ameritrade dropped 9.3 percent
and was the top loser on the Nasdaq.
Priceline rose 5.9 percent to $1,728.87, following
quarterly revenue that blew past estimates.
Declining issues outnumbered advancers on the NYSE by 1,639
to 1,149. On the Nasdaq, 1,934 issues fell and 769 advanced.
The S&P 500 index showed 43 new 52-week highs and four new
lows, while the Nasdaq recorded 88 new highs and 34 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by