Investing.com – U.S. stocks closed mostly lower on Monday, as investors mulled over President Trump’s ability to push through key proposals, which include tax reform, after the healthcare bill was dropped on Friday.
In what was quiet day on the economic calendar, the U.S. House of Representatives’ decision to withdraw a healthcare bill to repeal and replace Obamacare on Friday remained front and center.
Investors eased off the ‘Trumpflation trade’, which had pushed U.S equities to all-time highs in February, based on Trump’s promise to introduce pro-growth policies, as worries mounted that the healthcare bill setback could weigh on the success of Trump’s pro-growth policies being passed.
Hospital stocks offered investors some respite, as the proposed healthcare bill to replace Obamacare was viewed as a threat to hospitals and physicians, as it would have significantly reduce the number of Americans with health insurance.
Meanwhile, President Trump moved on from the setback as he rolled back more Obama-era regulations, after signing four bills that reverse rules on education, land use and federal purchasing.
Elsewhere, investors digested comments from Chicago Fed President Charles Evans on Monday, after he said that inflation is “well underway” to reaching the U.S. economic objectives but raised concerns over long-term inflation expectations.
Chicago Fed member Evans’ comments had little impact on U.S. stocks.
In corporate news, Snap Inc (NYSE:SNAP) closed nearly 5% higher at $23.83, after several Wall Street analysts initiated coverage on the stock with a “buy” rating.
The Dow Jones Industrial Average closed 0.22% lower at 20,550. The S&P 500 shed 0.10% and the Nasdaq Composite closed higher at 5840.37. The Dow closed lower for an eighth-straight session.
The top S&P 500 gainers included HCA Holdings Inc (NYSE:HCA) up 5.2%, and Universal Health Services Inc (NYSE:UHS) up 3.3%, while Best Buy Co Inc (NYSE:BBY) added 3%.
Freeport-McMoran Copper & Gold Inc (NYSE:FCX) down 4.7%, Halliburton Company (NYSE:HAL) down 3.3% and Kimco Realty Corporation (NYSE:KIM) slumped 2.6%, were among the worst S&P 500 performers of the session.