U.S. Stocks Drop As Investors Question Whether Trump Can Deliver on Tax Cuts

U.S. stocks were lower at mid-day as President Donald Trump’s failure to deliver on his health care reform package sparked worries he may have trouble delivering on other campaign promises to ignite the economy.

European and Asian stocks also closed lower on the failed health care bill.

Investors are now growing skeptical of Trump’s plans for tax cuts and fiscal stimulus, including infrastructure spending, as well as solidarity among Congressional Republicans.

In economic news, the Dallas Federal Reserve’s manufacturing index slipped to 16.9 in March from February’s 24.5 and missed economists’ estimates for 22.0

Crude oil is down 0.5% to $47.73 per barrel. Natural gas is up 0.62% to $3.095 per 1 million BTU. Gold is up 0.36% to $1253 an ounce, while silver is up 1.67% to $18.045 an ounce. Copper is down 2.03% to $2.5775 per pound.

Among energy ETFs, the United States Oil Fund is down 0.59% to $10.03 with the United States Natural Gas Fund is up 0.33% to $7.51. Amongst precious-metal funds, the Market Vectors Gold Miners ETF is up 2.01%to $23.38 while SPDR Gold Shares are up 0.49% to $119.44. The iShares Silver Trust is up 1.61% to $17.08.

Here’s where the markets stand at mid-day:

NYSE Composite Index is down 33.42 (-0.29%) to 11,385.47
Dow Jones Industrial Index is down 64.68 (-0.31%) to 20,532.04
S&P 500 is down 0.53 (-0.23%) to 233.33
Nasdaq Composite Index is down 5.52 (-0.09%) to 5,823.22

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