Banks drag S&P, Dow lower; Netflix caps Nasdaq losses

Posted July 19, 2017

The Nasdaq climbed 29.87 points, or 0.47%, to 6344.31.

FedEx fell 1.6% after the company said shipping volumes for its TNT Express business are down and customers are still experiencing delays after the business was hit by a cyberattack in late June.

Shares in both banks were down by about 0.5% in morning trade.

The Nasdaq is up 31.84 points, or 0.5 percent.

The failure of the Bill spelled uncertainty for President Donald Trump's agenda of tax reform and an infrastructure overhaul, leaving the president without any major legislative accomplishments six months into his tenure.

On Friday, stocks in the USA reached new record highs, with the Dow closing 0.4% higher, while the S&P was up 0.5% and the tech heavy Nasdaq came up just short of a new record but increased 0.6% nonetheless.

The Dow Jones Industrial Average slid 54.99 (-0.25 percent) to finish at 21,574.73.

The market will be keeping a close eye on corporate results to see if the high valuations are justified in the face of mixed economic data, tepid inflation and policy gridlock in Washington.

Procter & Gamble PG.N rose 0.5 percent to $87.55 as investor Nelson Peltz actively seeks a seat on P&G's board.

Financial giant Goldman Sachs, health care products maker Johnson & Johnson and health insurer UnitedHealth will report their second-quarter results early Tuesday. Earnings in the first quarter rose by approximately 15 percent.

Declining issues outnumbered advancers on the NYSE by 1,728 to 1,008.