Investors worry if President Trump will be able to deliver on his promises of cutting taxes and easing regulations. Fred Katayama reports.
Stocks turned lower after several states legally challenged the Trump administration, accusing it of violating federal law by delaying energy efficiency standards for consumer and commercial products. Wall Street's rally has recently stalled as investors worry whether the president will be able to keep his promises to cut taxes and loosen regulations. Washington Crossing's Kevin Caron: SOUNDBITE: KEVIN CARON, PORTFOLIO MANAGER, WASHINGTON CROSSING, (ENGLISH), SAYING: "The question about tax policy will come up next. And given some of the recent setbacks the Trump administration has had, doubts are starting to grow about whether or not robust tax policy will come forward. So all of those expectations have played into markets, and now we have to see what comes into reality." Automakers stocks slid amid reports of disappointing March sales from General Motors, Ford, and Fiat Chrysler. But Tesla's shares went the other way. The electric luxury automaker's quarterly deliveries shot up 69 percent, hitting a record. Accenture shares fell after Goldman Sachs downgraded the consulting firm's rating to "sell" from "neutral." Panera Bread's stock shot higher. Bloomberg reports the bakery cafe operator is exploring a possible sale after receiving takeover interest. Mixed economic news: Manufacturing activity retreated in March from a 2-1/2 year high as orders and production eased. Construction spending rose to a nearly 11-year- high in February. In Europe, financial and consumers stocks led markets lower.