Markets Right Now: Stocks open lower on Wall Street

Posted March 01, 2017

The S&P 500 was up 0.84 points, or 0.04 percent, at 2,368.18 and the Nasdaq Composite was up 2.56 points, or 0.04 percent, at 5,847.87.

The NASDAQ Composite Index remains locked in a sideways trading range and moved lower within the range today, falling 36 points to end the day at 5825.

Six of the 11 major S&P 500 sectors were higher, with gains in energy and financials helping counter losses in consumer staples.

European shares have rallied more than 10 per cent since Trump was elected in November as global stock markets surged in anticipation of his expansive economic policies.

While many investors were hoping Trump would unveil details of pro-business policies including tax reform, cash repatriation or infrastructure spending during his address to Congress Tuesday night, others were not ready to make new bets as they anxious that the speech would disappoint. The blue-chip average is coming off its 12th straight record close ( the longest such streak since 1987. Target was among the big decliners after releasing a weak profit report and earnings forecast.

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Ahead of his address, due at 9:00 p.m. EST (0200 GMT), Trump on Monday met US state governors at the White House and said he sees "big" infrastructure spending and that he is seeking a "historic" increase in military spending of more than 9 percent. The company's fourth-quarter earnings beat was overshadowed by a 13% decline in revenue.

The S&P 500 is up 124.81 points, or 5.6 percent.

Dow e-minis were down 15 points, or 0.07 percent at 8:31 a.m. ET, with 28,798 contracts changing hands. On Monday the president told a group of governors, "We're going to start spending on infrastructure big". He also said his budget would propose increasing military spending by $54 billion while cutting domestic programs and foreign aid by the same amount.

Materials companies also rose with Martin Marietta Materials adding 2.5% and Vulcan Materials gaining 2.4%.

The S&P 500 and the Nasdaq also fell, with consumer discretionary lagging after disappointing results from Target ( TGT ). TD Ameritrade slid 10.5 percent.