Investing.com – U.S. stocks inched lower on Friday, as uncertainty concerning the outcome of a Key House vote on a bill to repeal and replace Obamacare continued to weigh on sentiment.
U.S. equities traded positive at the start of the U.S. session but gains were short-lived, after reports surfaced, House Speaker Paul Ryan visited the White House at midday to warn President Trump that he lacked the votes to pass the American Health Care Act (AHCA).
The bearish news came moments before Press Secretary Sean Spicer said that a vote would take place at 15:30 EDT.
Earlier during the session, President Trump challenged the House Freedom Caucus to support the House GOP’s plan to repeal and replace Obamacare, as he warned the Freedom Caucus would be allowing Planned Parenthood to continue should they oppose the bill.
The three main U.S. indexes turned negative, as investors feared that a negative outcome concerning a key House vote could dampen the markets' belief in President Trump’s ability to push through more pro-growth legislation such as tax reform.
Meanwhile U.S. economic data heaped further pressure on equities, as The Commerce Department said Friday, orders for core durable goods, a category that excludes aircraft and military goods, rose 0.4% in February, which was less than economists’ forecast of a 0.5% rise.
The Dow Jones Industrial Average slumped 112 points, or 0.55%, to trade at 20,543. The S&P 500 shed 0.27% and the Nasdaq Composite traded at 5,811 down 0.10%.