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Stocks fall on Trump threat

Thursday, August 24, 2017 - 01:23

President Donald Trump's warning of a government shutdown rattled investors, sending Wall Street lower Wednesday. Fred Katayama reports.

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Wall Street fell Wednesday following Tuesday's strong rally. Unsettling investors: President Donald Trump's warning of a government shutdown to build the border wall and his threat to scrap a trade deal with Canada and Mexico. Consumer discretionary stocks the day's biggest losers. Technical market analyst Mark Newton: SOUNDBITE: MARK NEWTON, TECHNICAL MARKET ANALYST, NEWTON ADVISORS, (ENGLISH) SAYING: "Many had attributed the decline potentially to Trump's speech and to the fact that before, it was more filtered, and last night, it was a little more unhinged. So people are really trying to come to grips with the uncertainty that's going on and looking for answers in terms of where healthcare reform and tax reform are going to happen and what's the timetable for all that." Lowe's shares dragged down the S&P 500. The home improvement retailer's surging quarterly profit and sales missed expectations, and it cut its forecast for profit margin growth. That pulled down rival Home Depot's shares as well, which weighed on the Dow. Separately, new home sales unexpectedly fell in July to their lowest level in seven months. That suggests the housing market could be cooling. Shares of the advertising company led by Martin Sorrell, WPP, sank after it cut its sales forecast for the second time in six months. That pulled down shares of its peers, Omnicom and Interpublic. Declines by those ad firms also weighed on European markets. Britain's FTSE eked out a gain.

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Stocks fall on Trump threat

Thursday, August 24, 2017 - 01:23