Monday 25 September 2017

Wall Street stumbles as Trump addresses first press conference as president elect

(Stock picture)
(Stock picture)
U.S. President-elect Donald Trump speaks during a news conference in the lobby of Trump Tower in Manhattan, New York City, U.S., January 11, 2017. REUTERS/Lucas Jackson
Vice President-elect Mike Pence is seen in the background as U.S. President-elect Donald Trump speaks during a press conference in Trump Tower, Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton
Vice President-elect Mike Pence (L) is seen in the background as U.S. President-elect Donald Trump speaks during a press conference in Trump Tower, Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton
U.S. President-elect Donald Trump (C) smiles as he is applauded by his son Eric Trump (L) daughter Ivanka and son in law Jared Kushner (R) ahead of a press conference in Trump Tower, Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton
U.S. President-elect Donald Trump speaks during a press conference in Trump Tower, Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton

Yashaswini Swamynathan

U.S. stocks slipped on Wednesday, weighed down by healthcare stocks after President-elect Donald Trump commented on the need for competitive drug pricing in his first formal news conference after his victory.

Investors are closely watching Trump's speech, looking for clues on where his priorities as the new president lie, after taking office on Jan. 20 and how he plans boost economic growth.

Eight of the 11 major S&P sectors were lower. The healthcare sector dropped 0.787 percent after Trump said the country needs more competitive drug bidding.

He said pharmaceutical companies are "getting away with murder" by charging high drug prices.

Lockheed Martin dropped about 1 percent after Trump said the F-35 fighter jet project "is way behind schedule and billions over budget."

At 11:33 a.m. ET (16.33pm GMT), the Dow Jones Industrial Average was up 3.99 points, or 0.02 percent, at 19,859.52, the S&P 500 was down 5.26 points, or 0.2pc , at 2,263.64 and the Nasdaq Composite was down 20.77pc, or 0.3pc, at 5,531.05.

Sterling also dropped to $1.2081 as he prepared to take to the stage at the conference in Trump Towers. It recovered above $1.21 as Trump began addressing the crowd.

Reuters

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