Wall St down on signs of delay in corporate tax cuts

Wall St down on signs of delay in corporate tax cuts

Wall St down on signs of delay in corporate tax cuts

Tokyo stocks closed lower Friday, tracking losses on Wall Street overnight amid concerns that a corporate tax cut in the USA may be delayed for one year.

The S&P 500 has risen about 21 percent since the election of President Donald Trump a year ago, partly on the back of his promises to cut taxes and other business-friendly measures. The S&P 500 lost 4.57 points, or 0.17 percent, to 2,580.05.

All three major indexes were on track to end lower for the week, with the S&P and the on track to post weekly losses after eight straight weeks of gains.

U.S. Senate Republicans released a tax plan on Thursday that differed from a version put forth by the House of Representatives on several key fronts, including putting off corporate tax cuts for a year.

The S&P 500 on Friday stood at 18.1 times expected earnings, the highest since 2004, according to Thomson Reuters Datastream.

Failure to cut corporate taxes would increase concerns about Trump's ability to pass legislation and could shake markets that have been banking on lower tax rates to boost company earnings.

"If the Senate version is elected, a market correction will follow and as the battle for tax reform intensify, stocks are likely to feel the pinch of a wobbly market", said Peter Cardillo, chief market economist at First Standard Financial.

Dow e-minis () were down 35 points, or 0.15 percent, with 35,882 contracts changing hands at 8:28 a.m. ET (1228 GMT).

The Nasdaq Composite edged up 0.01 percent to 6,750.94.

Seven of the 11 major S&P sectors fell, with the energy index's 0.81 percent dip leading the decliners as oil prices fell.

With third-quarter earnings winding down and stocks still trading at record levels, investors are also looking to book profits.

Shares of Roku soared 31.1 percent in premarket trading after the television streaming device maker's quarterly results and guidance beat expectations.

Walt Disney rose 2.3 percent as the promise of a new film trilogy overshadowed weak quarterly results and struggles at the media company.

Hertz Global Holdings (N:) jumped 12.4 percent as the auto rental company reported a better-than-expected net profit.

Nordstrom fell 1.2 percent after its quarterly same-store sales came in below expectations, while J.C. Penney was up 14.6 percent after the department store chain reported third-quarter same-store sales that were twice what it had estimated. Declining issues outnumbered advancing ones on the NYSE by a 1.67-to-1 ratio; on Nasdaq, a 1.62-to-1 ratio favored decliners.

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